Annual

report 2022

The Group
You can find more exciting
content from the 2022
business year online.
Annual report 2022
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Contents
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01 02 03

Foreword from
the family Brief portrait of Development
shareholders the Group and outlook
06 Introduction 10 About the Group 20 The Liebherr Group in 2022

Please visit the website for even more

Clicking on the individual reporting on the 2021 business year
headings will take you to
the respective chapters. ANNUAL REPORT 2022

4 Annual report 2022

 04 05 06

Reports on Consolidated
the product Group financial
segments companies statements
34 Earthmoving 60 Summary of Group 68 Consolidated balance sheet
36 Material handling technology companies 69 Consolidated income statement
38 Deep foundation machines 70 Consolidated statement
40 Mining of comprehensive income
42 Mobile and crawler cranes 70 Consolidated statement
44 Tower cranes of changes in equity
46 Concrete technology 71 Consolidated cash flow
48 Maritime cranes statement
50 Aerospace and transportation 72 Notes to the consolidated
systems financial statements
52 Gear technology and 88 Report of the statutory auditor
automation systems 89 Five-year summary
54 Refrigerators and freezers
56 Components

5
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Foreword from the family shareholders

Business year 2022

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Dear readers,

We can now look back on a very event- terial and energy prices, huge increas- challenging times. In our almost 75-year
ful year. At the start of 2022, just as es in material and transport costs, history, we have often demonstrated
we were hoping that the world could lockdowns and bottlenecks in supply our ability to react flexibly to all sorts of
gradually recover from the effects of chains, these are just a few of the situations, and to venture down previ-
the Covid-19 pandemic, the next crisis issues weʼve faced. And all this is over- ously untrodden paths. Weʼve shown
of global proportions emerged with shadowed by the enormous challenge that responsible action, proven reliabi-
the war in Ukraine. The pandemic and of taking effective measures against lity and a focus on the long term are
this terrible war have not only cost climate change, which humankind can essential in ensuring our success, both
countless lives and created the need only carry out together. in the present and the future.
for massive humanitarian aid, but
have also left a deep mark on the glo- As an independent family-run company, This mindset helped us deal with the
bal economy. Sharp rises in raw ma- we focus on our strengths in such numerous challenges worldwide over

In the interview, the Liebherr

family shares their thoughts on
the year 2022 and the current
situation

READ INTERVIEW

The family shareholders active in the Group

(from left to right): Jan Liebherr,
Stéfanie Wohlfarth, Sophie Albrecht,
Philipp Liebherr, Patricia Rüf, Johanna Platt,
Isolde Liebherr, Willi Liebherr

6 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

the past year, so that now we can look examples at the Bauma exhibition in continue to be our top priority, and
back on a good year for business over- Munich in the autumn. thatʼs not going to change.
all. We received a high level of new
orders and set a new turnover record of Given the difficult environment, we We have appointed our children Jan
more than € 12.5 billion. know that we can only break new and Stéfanie as the new presiding
ground if we have a strong team. Thatʼs committee of the administrative board
Over the past year, many Liebherr com- why weʼd like to take this opportunity of Liebherr-International AG, effective
panies have been working on projects to thank our employees worldwide, who 1 April 2023. This marks a further step
related to our corporate responsibility. now number more than 50,000. Their towards establishing the next genera-
In terms of technology alone, we made dedication and ideas make a significant tion in the companyʼs management.
enormous progress in ensuring the en- contribution towards ensuring our fu- However, we are not leaving the com-
vironmental compatibility of our pro- ture viability. We will continue to be a pany, but will remain members of the
ducts in 2022. For instance, we achieved dependable and appreciative employ- administrative board.
a quantum leap in energy efficiency for er for them. And, of course, weʼd also
refrigeration and freezing by developing like to express our sincere thanks to our Our Group got 2023 off to a great start.
our new BluRoX vacuum perlite insula- customers all over the world! Delight- We are optimistic about this coming
tion model. ing them with our solutions and acting year and Liebherrʼs fast-approaching
as a strong and steadfast partner will 75th anniversary in 2024.
Weʼve also made great progress with
drives for construction machines,
cranes, material handling machines and
mining equipment. We are currently con-
ducting research into the entire range
of climate-neutral fuels and drive tech- Dr. h. c. Dipl.-Kfm. Isolde Liebherr Dr. h. c. Dipl.-Ing. (ETH) Willi Liebherr
nologies, and we showcased numerous Presiding committee of the administrative board of Liebherr-International AG (until 31 March 2023)
02

Brief portrait of the Group

8 Annual report 2022
9
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Brief portrait

The Liebherr Group

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Founded in 1949, the Group today comprises over 140 companies
on all continents and employs 51,321 people.

The Liebherr Group is a technology company with a broadly Liebherr develops and manufactures an enormous variety of
diversified product programme. The company is one of the fascinating products. They are renowned on world markets
worldʼs largest manufacturers of construction machines, but for their high precision, excellent design and particular dura-
also offers high-quality, user-oriented products and ser- bility. With its innovations and visionary technologies, the
vices in many other fields. The Groupʼs holding company is company strives to inspire its customers. In the process, the
Liebherr-International AG, based in Bulle (Switzerland). limits of what was previously possible are constantly being
All its shareholders are members of the Liebherr family. redefined, enabling Liebherr to frequently contribute to tech-
For the family-run company, long-term success, sustainable nological progress. Working together on these fascinating
development, stability and reliability are what matters. tasks creates a strong bond that Liebherrʼs employees can
rely on – across national borders and continents.

Principal locations of
Liebherr companies

10 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

12,589 863
51,321
€ m turnover € € m investments

employees

> 40 > 140

13
production companies companies

product segments

11
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Self-concept
The Liebherr Group was founded in 1949 by Hans Maintaining integrity as a business partner and
Liebherr, a man driven by passion and visionary job security are important corporate directives.
ideas, who had a keen sense for future-looking
technology. To this day, Liebherr has demonstrat- Its employees are an elementary part of the com-
ed stability and reliability, thanks to the personal pany: they all contribute their unique ideas and are
commitment of its leadership and its tradition as committed to creating great things – no matter
an independent family-run company, and is known how demanding the task at hand. Liebherr reacts
as a pioneer in forward-looking innovations with flexibly to the requirements of its customers and
the highest quality standards. Liebherr is and re- offers custom-built solutions. The close customer
mains a wholly family-owned business with a high relationships and the high value placed on cus-
degree of freedom of action and decision-making tomer benefit build the foundations of the Groupʼs
in all its activities. Thanks to its high equity ratio success and form an important part of Liebherrʼs
and broadly diversified product range, Liebherr company culture. As descendants of the company
has the flexibility to compensate for market-relat- founder, the shareholders are aware of their en-
ed economic fluctuations. The companyʼs value- trepreneurial responsibility. What matters are long-
driven culture has ensured strong cohesion and term success and sustainability as bases for future
trusting relationships with partners and customers development and a solid financial standing –
over years and decades – characterised by fair- profits are reinvested and, by remaining within the
ness and mutual respect. company, guarantee the future of the Group.

Liebherr-International AG

Company information

Head office CH-1630 Bulle / FR

Share capital CHF 100,000,000

Shareholders Liebherr family (100 %)

Dr. h. c. Willi Liebherr, president

Dr. h. c. Isolde Liebherr, vice-president
Hubert Liebherr
Sophie Albrecht
Administrative board Jan Liebherr
Patricia Rüf
Stéfanie Wohlfarth
Johanna Platt
Philipp Liebherr

Stephen Albrecht
Dr. Rolf Geyer
Managing directors Steffen Günther
Stephan Raemy
Thomas Schuler

Auditors Ernst & Young AG, Berne

12 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

The active shareholders of the

Liebherr Group

Dr. h. c. Willi Liebherr Dr. h. c. Isolde Liebherr

President of the administrative Vice-president of the administrative
board of Liebherr-International AG board of Liebherr-International AG

Jan Liebherr Stéfanie Wohlfarth Sophie Albrecht

Member of the administrative Member of the administrative Member of the administrative
board of Liebherr-International AG board of Liebherr-International AG board of Liebherr-International AG

Patricia Rüf Johanna Platt Philipp Liebherr

Member of the administrative Member of the administrative Member of the administrative
board of Liebherr-International AG board of Liebherr-International AG board of Liebherr-International AG

From generation to generation

The Liebherr Group is managed jointly by the second and financial and investment policies. In addition to the siblings
third generations of the family. This continuity as well as a Dr. h.c. Willi Liebherr and Dr. h.c. Isolde Liebherr, who repre-
focus on long-term success, sustainable development, sent the second generation of the Liebherr family, the Board
stability and reliability are the fundamental principles that includes the third-generation members Jan Liebherr,
guide all management decisions. The Groupʼs chief decision- Stéfanie Wohlfarth, Sophie Albrecht, Patricia Rüf, Johanna
making and management body is the Board of Directors, Platt and Philipp Liebherr. They ensure that the Group will
which is also composed exclusively of family members. continue to be inextricably linked with the Liebherr family
It decides on all fundamental policies relating to corporate and run as an independent family-run company.
governance, business development, product policy, and

13
Compressor and turbine wheels are key parts of the
turbomachinery used in aircraft air-conditioning sys-
tems. They provide the compression and expansion
stages of the air cycle process.
The Groupʼs business model
Value proposition rigs and duty cycle crawler cranes,
As a technology company, Liebherr has Liebherr offers a full spectrum of
been synonymous with a wide range products to meet the modern industryʼs
of products and services in many areas needs. For the mining industry, the
of technology for over 70 years. Groupʼs mining product segment in-
Liebherr provides tailored, technologic- cludes powerful mining excavators,
ally advanced and innovative products trucks and dozers that perform under
as well as services with real added the most extreme conditions. The
value to customers in many different Group also offers an extensive range of
industries all over the world. Thinking crane models of every system type,
ahead with the necessary foresight, the lifting capacity and size class, to be
Group is already addressing the chal- used in the various areas of appli-
lenges that customers around the globe cation. From all-terrain mobile cranes
will face tomorrow. and telescopic crawler cranes to fast-
erecting cranes, the products from
Products and segments Liebherrʼs mobile and crawler crane
The Liebherr Group offers a versatile and tower cranes product segments
product programme consisting of 13 are used around the world, offering the
product segments that is unique in its right solution for any purpose. The
breadth and depth and helps shape Group is also a full-service provider in
technological advances across numer- the concrete technology product seg-
ous industries. ment. Liebherr develops and produces
truck mixers, mixing plants and con-
Within the earthmoving product seg- crete pumps, rounding out its portfolio
ment, Liebherr produces and distributes with additional products such as mix-
a broad portfolio of hydraulic excava- ing and control systems.
tors, crawler tractors and crawler load-
ers, wheel loaders, telescopic handlers With a versatile product range and inno-
as well as dump trucks. Within the ma- vative models, Liebherr also offers ef-
terial handling technology product ficient material handling solutions for
segment, Liebherr specialises in a vast use in harbours and in the maritime
range of custom-built products and and offshore industries. Products from
technologies capable of handling enor- the maritime cranes segment range
mous volumes. The portfolio includes from port equipment such as mobile
mobile, crawler and electric material harbour cranes or ship-to-shore con-
handling machines used in numerous tainer cranes to offshore cranes, ship
applications such as scrap, timber and cranes and floating transfer solutions.
port handling as well as in recycling In the aerospace and transportation sys-
and waste management. In addition to tems product segment, Liebherr offers
these products developed for special- high-precision components and cus-
ised use cases, Liebherr also offers mo- tom-built system solutions for aircraft,
dified versions of many models of its rail vehicles and buses.
construction machines series for mate-
rial handling. With its deep foundation
machines, such as piling and drilling

15
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

High-quality gear machines and auto- well as services and is the driving services to its customers. The Group
mation systems as well as precision force behind many key technologies. can create synergies through its broad
measuring equipment and engineering product range and mastery of key
projects comprise the gear technology Key resources/added value chain and technologies, among other things. Its
and automation systems product key partnerships supply chain spans the entire globe.
segment. Liebherr invests heavily in research
and development. In this context, the With its 13 product segments, the Group
Liebherr also produces a vast array of Group also forms partnerships with pursues a strategy of diversification,
refrigerators and freezers for home and universities and research institutes which contributes to independence
commercial use, which feature innova- worldwide. from economical fluctuations in individ-
tive technologies and modern designs. ual industries or markets. The decen-
In the components segment, the Group Thanks to its network of over 40 state- tralised corporate structure with clearly
specialises in high-performance me- of-the-art production facilities in 17 organised, independently operating
chanical, hydraulic and electrical drive countries and long-standing partner- business units also positions Liebherr
and control technology products used ships with suppliers inside and out- to respond flexibly to market trends
in a wide range of industries. side of the Group, Liebherr is able to in the competitive global economy.
Liebherr also operates six luxury hotels offer the highest-quality innovative Liebherr is dedicated to long-term suc-
in Ireland, Austria and Germany. products at competitive prices. The cess, sustainable development, stabi-
business model also includes well- lity and reliability. The Groupʼs core ob-
Customer relations organised spare part logistics and cus- jective is to ensure that profits remain
The Group has worked closely with cus- tomer-centric services. within the company, where they are re-
tomers and business partners for invested.
years or even decades, and is continu- Liebherr is committed to mastering
ously expanding its global presence key technologies down to the last Organisational structure
to remain close to its customers. The detail, which leads to a high degree The Liebherr Group has a decentralised
Groupʼs products and services are of independence in technological structure. Its holding company is
sold through an international network terms. Liebherr has a high equity ratio Liebherr-International AG, which exer-
of its own distribution and sales com- and operates on the principle that cises executive, coordinating and
panies as well as partners with whom the Groupʼs growth should be predom- controlling functions. Independently
Liebherr maintains a long-standing inantly organic, achieved through operating divisional controlling com-
and trusted business relationship. its own intrinsic strength. In certain panies are responsible for the opera-
Liebherr is highly committed to respon- cases, the Group is also open to appro- tional management of the Groupʼs
ding quickly, reliably and flexibly to priate partnerships and joint ventures. product segments. This means that re-
its customersʼ requirements. The Group search and development, production,
thrives on bundling its vast technical Financial performance and marketing and sales for individual pro-
expertise and extensive knowledge cost structure duct segments are also decentralised.
from a wide range of fields and its abi- Liebherr generates revenue through Country-specific activities are often
lity to offer customised solutions. the sale and rental of products as well managed within overarching sales and
Liebherr strives to deliver excellence as the provision of services. service companies.
for its customers, while constantly
redefining the limits of what is possible. In some product segments, the Liebherr This structure offers multiple advan-
As a traditional family-run company, Group benefits from lowering its unit tages: on the one hand, it ensures a
the Group owes its success to close cus- costs by increasing production volumes. consistent approach to central corpo-
tomer relationships and its strong In other segments, however, the focus rate issues, while on the other hand,
focus on added value. lies on developing custom-built solu- the flat hierarchies within its individual
tions for individual customers. In those product segments allow Liebherr to
Key activities segments, Liebherr focuses on adding respond quickly to the needs of the mar-
The Liebherr Group develops, produces, value, achieving a premium value propo- ket, to adapt quickly to changes and
and distributes innovative products as sition and offering highly personalised swiftly put new ideas into practice.

16 Annual report 2022

A hydrogen internal combustion engine
from Liebherr at Test Bench 54 for diesel
and H₂ engines in Bulle (Switzerland).
03

Development and outlook

18 Annual report 2022
19
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Business performance

The Group in 2022

---
The Liebherr Group achieved total turnover of € 12,589 million in 2022.
This represents an increase of € 950 million, or 8.2 %, compared to the
previous year.

North America

+21.3 %

€ 1,996 m
+€ 351 m

Central and South Africa, Near

America and Middle East

+29.1 % +37.3 %

€ 537 m € 788 m
+€ 121 m +€ 214 m

20 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Europe Turnover worldwide € m

+3.5 %

€ 7,441 m

+12.6 %

+8.2 %
+11.4 %

–12.0 %
+7.5 %
+€ 249 m

11,639

12,589
11,750
10,551
European Union Non-EU countries

10,341
+4.5 % –0.3 %

€ 5,910 m € 1,531 m
+€ 254 m –€ 5 m

2018

2019

2020

2021

2022
Asia and Oceania

+0.8 %

€ 1,827 m
+€ 15 m

Discover the Liebherr Groupʼs

highlights of 2022

READ HIGHLIGHTS

21
Overall economic performance
According to the International Monetary Fund, the global economy grew by 3.4 %
in 2022. The main reasons for the noticeable global slowdown in economic growth
in the business year were the war in Ukraine, the resulting rise in raw materials
and energy prices, and increasing price pressures. These factors also had a nega-
tive impact on the inflation rate, which further accelerated due to soaring food
and fuel prices. The ongoing Covid-19 pandemic and the associated regional lock-
downs also weighed on economic growth, but the global economy nevertheless
recorded slight growth in the business year. With growth of 3.9 %, emerging and
developing countries grew more than industrialised countries. The developed
nations were only able to post an increase of 2.7 %. Economic growth in the USA
was just 2.0 %. The eurozone, however, saw growth of 3.5 %, which was slightly
above the international average. The volume of international trade increased by
3.5 % according to the World Trade Organisationʼs autumn forecast. According
to the WTO, particular growth impulses came from Africa and the Middle East.
An HS 8200 duty cycle crawler crane in operationin Kempen
(Germany). The Dutch company Dieker Overslag B.V. is
using the model there for gravel extraction. With a digging
depth of 23 m, the duty cycle crawler crane moves 350 t
of material per hour.
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover performance by product segments Turnover performance by region

In the 2022 business year, the Liebherr Group achieved In the 2022 business year, the Groupʼs turnover developed
increases in turnover, some of them significant, across all positively in almost all sales regions. In the European Union,
product segments with the exception of tower cranes, traditionally Liebherrʼs strongest market, turnover increased
gear technology and automation systems as well as compo- slightly. Growth rates varied in the individual EU markets, with
nents. As a result, the record year 2019 was exceeded for business developing particularly well in the Netherlands
the first time. However, difficult business conditions such as and Italy. Turnover in non-EU countries showed a negligible
increased raw material and energy prices, higher manufac- decline. North America, in contrast, saw an extremely posi-
turing costs and ongoing supply chain difficulties also affect- tive development, which can primarily be attributed to the USA
ed the Liebherr Group. The shortage of skilled workers in and Canada. Thanks to an increase in Brazil and Panama,
various sectors was also a challenge. Liebherr was also able to achieve a strong increase in Cen-
tral and South America. The region Africa, Near and Middle
Liebherr recorded a turnover of € 8,561 million in construc- East also recorded an encouraging increase, with Saudi Ara-
tion and mining machines, representing an increase of 6.9 % bia and the United Arab Emirates proving to be particular
on the previous year. This includes the product segments drivers. Turnover in Asia and Oceania was slightly above the
earthmoving, material handling technology, deep foundation previous yearʼs level.
machines, mining, mobile and crawler cranes, tower cranes,
and concrete technology. In the other product segments – Net income for the year
maritime cranes, aerospace and transportation systems, gear The Liebherr Group achieved a net income of € 2 million in
technology and automation systems, refrigerators and freez- 2022. The operating result decreased strongly compared to
ers, components, and hotels – the Group achieved a total turn- 2021 and the financial result also fell significantly below
over of € 4,028 million. This represents healthy growth of the previous yearʼs level.
11.0 % on the previous year.

24 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by product segments

Earthmoving Material handling technology

€ 2,529 m (+9.0 %) € 586 m (+5.8 %)

Deep foundation machines

Others € 396 m (+20.0 %)
€ 87 m (+50.0 %)

Mining
€ 1,227 m (+7.1 %)
Components
€ 461 m (−3.6 %)

The Liebherr
Group 2022
Refrigerators and freezers Mobile and crawler cranes
€ 1,152 m (+9.6 %)
€ 12,589 m € 3,009 m (+4.6 %)
(+8.2 %)

Gear technology and

automation systems
€ 205 m (–2.4 %)

Aerospace and Tower cranes

transportation systems € 561 m (−0.4 %)
€ 1,311 m (+19.9 %)

Maritime cranes Concrete technology

€ 812 m (+9.7 %) € 253 m (+15.5 %)

(variation compared to the previous year in %)

25
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Employees by regions compared to previous year

North America European Union Non-EU countries

2,064 employees (+166) 37,196 employees (+1,536) 4,764 employees (−200)

Central and South

America
1,988 employees (+80)

Africa, Near and

Middle East Asia and Oceania
1,145 employees (+90) 4,164 employees (+38)

Employees
Its employees are key to the success However, Liebherr also saw an increase
of the Liebherr Group. Their qualifica- in Asia and Oceania, the Africa, Near Employees worldwide
tions, commitment and determination and Middle East region, as well as in Cen-
to produce first-class results for the tral and South America. In the non-EU
Groupʼs customers mean that they are countries, the number declined slightly.
49,611

51,321
the ones who decisively shape the com-
48,049
46,169

47,925

pany. As a family-run company, Liebherr The Group is regarded as an attractive

is an employer with a strong tradition and reliable employer. Liebherr offers
of partnership and teamwork based on its employees exciting professional chal-
reliability, fairness, respect and auto- lenges and opportunities for their pas-
nomy. sion for fascinating, innovative products
and technologies to flourish in the di-
The number of employees in the Group verse tasks they perform in their day-to-
increased again in the business year. day work. A whole host of opportunities
+2,300

+1,880

At the end of 2022, Liebherr employed await employees starting their working
+1,686

+1,710
–124

51,321 people worldwide, an increase of life, ranging from apprenticeships to

1,710 or 3.4 %. The European Union saw dual study to a final thesis or trainee-
2018

2019

2020

2021

2022

the largest increase in the number of ship opportunities.

employees, followed by North America.

26 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Sustainability
The Group aspires to generate sustain- In the business year, Liebherr presented The business year saw the start of de-
able value for its employees, customers the R 9XX H₂, a ground-breaking inno- velopment of control technology soft-
and suppliers, and for society as a vation in crawler excavators. It is pow- ware for the collection and processing
whole. As an independent family-run ered by Liebherrʼs H966 hydrogen of data for concrete technology pro-
company with a long-term focus, combustion engine and emits almost cess optimisation.
Liebherr is aware of its responsibilities no CO₂ during use on construction
and is committed to sustainable de- sites. The model received the Bauma The LiReCon teleoperation unit for tow-
velopment. Its products, processes and Innovation Award in the climate er cranes and earthmoving machines
infrastructure are geared to the mini- protection category. The business year is another future project in the field of
mum possible consumption of resourc- also saw the Group further pursue digitalisation. LiReCon stands for
es. The focus in all areas is on safety, the use of hydrotreated vegetable oils Liebherr Remote Control System and will
efficiency and environmental sustaina- (HVO) as a renewable energy source. enable safe and convenient remote
bility. Last year, a large number of the HVO can now power a large proportion crane control. In addition, Liebherr has
Groupʼs companies worked on projects of Liebherr construction machines, expanded its mining truck assistance
concerning social, environmental and cranes and mining machines. Liebherr system range to include the Trolley Gui-
economic aspects of sustainability. The also continued its research into fuel dance and Crusher Guidance systems.
many activities in these areas will be cell systems for the aviation industry. These innovations provide better opera-
incorporated into an overall concept for The first of these systems was suc- tional efficiency and safety.
corporate responsibility, which is cur- cessfully put into operation during the
rently being developed at Group level. current business year. The company Following years of research, develop-
is making a contribution to the decar- ment and validation at the Liebherr
Research and development bonisation of the aviation industry Mining Technology Development Centre
As a high-tech company, Liebherr aims to with this future-oriented technology. in the US, Liebherr Mining is currently
play a major role in advancing techno- Liebherr has added six new electric in the process of delivering the first de-
logical innovation. Last year, the Group drive models to its unplugged range. ployment of its fully integrated Auto-
invested € 588 million in research and The unplugged portfolio consists of nomous Haulage Solution (AHS). The
development activities. A large propor- battery-powered, locally emission-free initial fleet of autonomous T 264 will
tion of this amount went into new pro- crawler cranes as well as piling and be delivered to complete the final stage
duct development. In addition, the Group drilling rigs up to 400 t. The new of AHS validation within a production
initiated and continued numerous re- LTC 1050-3.1E compact crane is equipp- environment, scheduled to commence
search projects with universities, col- ed with an electric motor as well as a in Australia in 2023.
leges and research institutes. The conventional drive. Another new prod-
Groupʼs research activities continued uct from Liebherr is the Liduro Power Liebherr also reached a new milestone
to focus on digitalisation and alterna- Port (LPO) mobile energy storage sys- in energy efficiency and sustainability
tive drive systems. Another focus was tem for construction site supply. with its refrigerators and freezers.
on the topic of autonomy. At the same LPO can operate or charge hybrid or For insulation, a vacuum is used in con-
time, the Group continued to develop all-electric construction machines junction with perlite, a finely ground
existing technologies and add numer- and systems. lava rock. Perlite is a renewable raw ma-
ous new machines, components and so- terial that can be reused easily. The
lutions to its product programme. Digitalisation was another key topic in technology is a world first and enables
the business year. The new LICCON3 the production of devices that meet
In 2022, Liebherr continued its work on crane control in the LTM 1110-5.2 and the highest energy standards.
various alternative drive concepts to LTM 1100-5.3 models laid the corner-
further advance product decarbonisa- stone for a new, digitalised generation Liebherr continues to work on 3D prin-
tion. The Group pursues a technology- of mobile cranes. In gear technology, ted components for the aircraft of to-
neutral approach so it can cover the LiTool, a design and simulation program morrow. The 3D printing process can be
widest range of applications and prod- for increased tool quality, was further used to produce even the most com-
uct requirements of customers world- developed. Liebherr implemented vari- plex components. These are very light-
wide. ous digital solutions for components, weight, thus increasing the efficiency
including camera monitor systems and of the systems.
all-round vision solutions.

27
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

A battery-powered wheel loader is charged

with green electricity for its next super-silent Learn more about Liebherrʼs
operation at Lake Wolfgang (Austria). technology-neutral approach

READ STORY

Investments
The Liebherr Group has traditionally In parallel, Liebherr began building a integrated recording, analysis and eva-
emphasised the importance of con- new remanufacturing workshop at the luation of risks. Risks are identified
tinual investments in its production Jakarta site (Indonesia) to increase and assessed locally in the individual
facilities and its global sales and the reconditioning of used components, companies, then countermeasures to
service network. Liebherr invested thus making an important contribution limit the risks are introduced and the
€ 863 million last year, increasing in- to resource conservation. At the Telfs impacts are evaluated.
vestments by € 121 million or 16.3 % site (Austria), Liebherr continued the
on the previous year. This was offset construction of a new logistics centre. This localised approach also makes it
by depreciation amounting to € 528 Most of the production material will possible to identify and assess areas
million. be stored there in the future. Further- of opportunity efficiently. The informa-
more, the Group invested heavily in tion gained about market-related and
The Group expanded its sales and ser- emission-reducing and energy-saving technological developments is used in
vice activities on the French market measures at various sites in the busi- opportunities management to reach
during the business year and added a ness year, such as photovoltaic sys- decisions about future areas of busi-
new branch to Liebherr Distribution tems, LEDs as a light source, and con- ness and production processes.
et Services France SAS located in Ta- tinuing efforts to lower in-plant traffic
verny, near Paris. In the aerospace emissions through electric drives and At the corporate level, the current risk
and transportation systems segment, the use of an alternative fuel made situation is regularly reviewed and
Liebherr opened a repair workshop from hydrotreated vegetable oils (HVO). the effectiveness of the systems and
for heat exchangers in Singapore and processes is assessed. The internal
applied for an expansion of the Camp- Risk management and internal control audit department monitors compliance
sas site near Toulouse (France) to in- system with Group guidelines and the imple-
crease the production of heat exchang- In order to ensure that the Groupʼs suc- mentation of the risk management and
ers there. A large-scale expansion of cess continues to be sustainable, internal control systems.
the Ehingen (Germany) site has begun. opportunities and risks are identified
As a first step, a new repair shop was at an early stage for evaluation and
opened in Ehingen-Berg. Outsourcing control. The Group has a continually opti-
repairs improves the range of services mised risk management procedure in
for customers and creates new capa- place, and an internal control system
cities. All measures are planned to be to help it meet operational, market-
completed by 2024. In Oberopfingen related and legal requirements.
(Germany), construction work began on
a new hydraulic cylinder plant. In the All managers responsible for the risk
tower cranes segment, Liebherr is also management and internal control
planning to expand the existing plant systems used in the individual Group
building at the Pune site (India). companies are involved in ensuring the

29
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Supplementary report The Euroconstruct research network indicated growth of 3 %

Events of particular significance which occur after the repor- for the European construction industry in 2022. In contrast,
ting date should be recorded here, along with their expected a growth rate of just 0.2 % is predicted for 2023. All areas are
impact on the Groupʼs assets, financial position and financial expected to develop negatively, apart from deep foundation
performance. There were no events of special significance engineering. This is mainly due to lower demand in residen-
within the Liebherr Group after the close of the 2022 busi- tial construction. A recovery is not forecast until 2025.
ness year.
The International Air Transport Association (IATA) expects
Outlook for 2023 air traffic to continue recovering in 2023. According to fore-
In October 2022, the International Monetary Fund predicted casts, the industry could make a profit for the first time
weakened global economic growth of 2.7 % for 2023. This is since the beginning of the Covid-19 pandemic. Nevertheless,
the weakest forecast since 2001, excluding the global fi- the previously mentioned risks could also have a negative
nancial crisis at the height of the Covid-19 pandemic. At the impact on the industry. In 2023, overall air traveller numbers
beginning of 2023, the forecast was revised slightly up- are expected to be around 93 % of 2019 levels.
wards to 2.9 %. The year 2023 is marked by uncertainty, especially in ma-
terial supply and energy prices. However, at the beginning
According to the International Monetary Fund, there are of 2023, the order volume was very healthy, which is why
signs that the global economy will cool down again in 2023, Liebherr is positive about the rest of the year, despite all the
albeit not by as much as initially feared. Nevertheless, in- challenges.
flation is at its highest level in decades, but will fall slightly
in 2023 according to forecasts. The global economy is be- Individual opportunities and risks
ing weighed down by the increased cost of living, the impact To describe individual opportunities and risks, similar types
of the war in Ukraine and the ongoing Covid-19 pandemic. of risks and opportunities have been grouped together.
In macroeconomic terms, the decline in increases in the rate
This is also confirmed by the World Bank. of inflation may contribute to a reduction in uncertainty

30 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

and result in an increase in demand in various industrial The chapters on each of the product segments contain
sectors in which the Liebherr Group is active. Order intake detailed reports on relevant opportunities and risks. Market
is developing positively across all product segments. price risks could arise from ongoing business operations,
in particular from currency and interest rate fluctuations trig-
At the same time, there are macroeconomic uncertainties gered by monetary policy normalisation measures across
with regard to how long pandemic-related restrictions will the world.
persist, as well as the effects of steep price increases for
many goods and services, shortages of certain raw materials Liebherr monitors these risks continuously and uses appro-
and labour, and bottlenecks in various supply chains. It is priate financial instruments to hedge selected transactions.
currently unclear whether and to what extent fiscal and mon- The Group enters into financial transactions only where
etary policy measures will ultimately affect the Liebherr these are linked to its operational business activity or for
Group. hedging. In principle, Liebherr does not conduct transac-
tions of a speculative nature.
With regard to the war in Ukraine, there is still great uncer-
tainty as to whether and to what extent there will be a gra- The global orientation of the Groupʼs business activities,
dual easing of conditions, the sanctions will remain in force together with the Groupʼs broadly diversified product base
and a gas shortage, which would result in rationing, can and the risk management system ensure that the relevant
be avoided. Against this background, negative effects on the risks are kept under control. Based on currently available in-
activities of the Group cannot be ruled out. formation, there are no further identifiable risks which could
have a substantial detrimental effect on Liebherrʼs assets,
In terms of the corresponding risks, the Group faces chang- financial position and financial performance in the 2023 busi-
es in costs due to the shift in energy prices, which cannot ness year, and threaten the survival of the Group as a whole.
always be compensated for by price indexation.

Investments € m Depreciation € m
+0.4 %
+5.5 %
+16.3 %
+6.6 %

+4.1 %
–8.8 %

+22.6 %

+2.8 %

–6.6 %
543
541
–20.0 %

863
829

528
756

742

513

507
605
335*

297*

323*

331*

326*

128*

129*

116*

108*

118*
2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

* Of which rental fleet

31
04
Reports on the product segments
Earthmoving................................................................................................................................................................................................... 34

Material handling technology..................................................................................................................................................................... 36

Deep foundation machines......................................................................................................................................................................... 38

Mining ............................................................................................................................................................................................................ 40

Mobile and crawler cranes.......................................................................................................................................................................... 42

Tower cranes.................................................................................................................................................................................................. 44

Concrete technology.................................................................................................................................................................................... 46

Maritime cranes............................................................................................................................................................................................. 48

Aerospace and transportation systems.................................................................................................................................................... 50

Gear technology and automation systems............................................................................................................................................... 52

Refrigerators and freezers........................................................................................................................................................................... 54

Components................................................................................................................................................................................................... 56

32 Annual report 2022

33
Earthmoving
---
In the earthmoving product segment, Liebherr achieved a turnover of
€ 2,529 million in the 2022 business year, representing an increase
of € 209 million or 9.0 % compared to the previous year.

Continued growth Numerous innovations unveiled at Bauma

The earthmoving industry got off to a very strong start in At Bauma 2022 in Munich (Germany), Liebherr presented its
2022. However, demand was dampened over the course of completely modernised series of compact loaders and me-
the year by the geopolitical and economic situation and in dium-sized wheel loaders, among a number of other products.
some cases the prevailing pandemic, leading to a decline in The new 70–100-tonne crawler excavators were unveiled,
the global market. boasting optimised performance characteristics, new assis-
tance systems and lower fuel consumption. Another high-
Contrary to the global market trend, Liebherr was able to in- light was the R 980 Demolition, Liebherrʼs largest demolition
crease turnover in the earthmoving segment in almost all of excavator. The PR 766 marked a new addition to Liebherrʼs
its sales regions. The strongest growth was in Central and Generation 8 of earthmoving crawlers with an operating
South America, especially Chile and Brazil. Very encouraging weight of up to 55 t. It also presented a rail-road excavator
growth was also observed in North America, primarily driven with a hydrostatic drive concept for the very first time. The
by positive developments in Canada and the USA. Liebherr range was completed by attachments and quick coupling
recorded an increase in turnover in the Africa, Near and Mid- systems.
dle East region, including Ghana and South Africa. The seg-
mentʼs traditionally most important market, the European In 2022, research and development activities primarily fo-
Union, saw particularly strong growth stimuli from France, Ger- cused on sustainability and digitalisation. Liebherr presented
many and Finland. Growth was also achieved in non-Euro- various alternative drive technologies at Bauma, including
pean Union countries – most significantly Switzerland and the first battery-powered wheel loader and telescopic hand-
Norway. Liebherr only recorded a decline in turnover in the ler, along with a study relating to a fuel-cell-powered wheel
Asia and Oceania region, mainly due to the downward trend loader. The manufacturerʼs crawler excavator powered by a
in China and Australia. hydrogen combustion engine made its world debut and

34 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

11.7 % 61.6 % 15.8 %

Central and South

America
2.9 %

Africa, Near and
Middle East Asia and Oceania
4.0 % 4.0 %

received the Bauma Innovation Award in the climate protec- Liebherr is cautiously optimistic about the earthmoving seg-
tion category. ment in 2023. The current challenges are set to be counter-
acted by momentum from infrastructure expansion and pro-
Turning to digitalisation, Liebherr and some of its lead cus- jects relating to carbon reduction and digitalisation.
tomers provided insights into a joint project aimed at devel-
oping digital, machine-related solutions for the operational
and strategic optimisation of machine fleets. Liebherr is also
a member of the VDMAʼs Machines in Construction (MiC) Turnover € m
4.0 working group. This develops solutions for consistent, ma-
nufacturer-independent digital communication between
attachments and construction machines and was awarded 2021 2,320
the Bauma Innovation Award in the digitalisation category.
+9.0 % 2022 2,529
By introducing a product configurator for earthmoving
equipment, Liebherr has paved the way for digitalised sales Investments € m
processes. The tool enables configuration of the desired
machine regardless of time or location.
2021 213

–3.3 % 2022 206

“With its wide array of new digital solutions Employees

and innovative machines, Liebherr is playing a
key role in shaping technological progress in
the construction industry.” 2021 8,845

+5.5 % 2022 9,329

35
Material handling technology
---
Liebherr recorded a total turnover of € 586 million in material handling
technology in the 2022 business year, which represents an increase of
€ 32 million or 5.8 % on the previous year.

Material handling technology in high demand new LH 26 M Timber Litronic in the 25-tonne range to its
Although the market for material handling technology did range of timber trucks. It also presented a new multi-tine
not grow as strongly in 2022 as in previous years, it remained grab that is optimally tailored to customer needs and de-
stable and at a high level. The large potential of this market signed to cope with the toughest jobs in recycling and scrap
could not be fully harnessed in the fiscal year due to the glo- processing. At Bauma 2022 in Munich, Germany, Liebherr
bal shortage of materials. presented other machines for a wide range of applications,
including the LH 22 M Industry. When paired with the appro-
Turnover in the material handling technology product seg- priate attachments, this can be used not only for recycling,
ment varied greatly between the individual regions. The but also for tree care and the timber industry.
European Union, one of the segmentʼs main sales regions,
saw a significant increase in turnover. The focus markets A key focus in the development of material handling tech-
of France, Germany and Italy saw particularly strong growth. nology was the expansion of the availability and implemen-
In Asia and Oceania, growth stimuli came primarily from tation of alternative drive concepts.
China, Australia and Japan, while in North America the in-
crease in turnover can be attributed to the USA market. At Bauma, Liebherr presented its outlook for future-oriented
Central and South America remained relatively constant. solutions and presented concepts that are already available,
However, Liebherr recorded slumps in turnover in non-EU such as the port material handler LH 150 M Port E with an
countries – particularly Russia and Turkey – and in Africa, electric drive system and new mobile gantry portal under-
Near and Middle East. carriage, and the electric material handler LH 26 M Industry
E, featuring a battery-powered mobility kit for temporary
Focus on alternative drive concepts off-grid operation. Liebherr also presented three application
In the business year, Liebherr focused on enhancing and optimised propulsion concepts for telescopic handlers:
expanding its product portfolio. The Group introduced the hydrotreated vegetable oils (HVO) as a low-emission coun-

36 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

24.9 % 50.2 % 17.9 %

Central and South

America
2.2 %

Africa, Near and
Middle East Asia and Oceania
0.5 % 4.3 %

terpart or additive to fossil fuels; a battery-electric drive; ical situation and the availability of materials, Liebherr is
and a hybrid drive consisting of a combustion engine and an optimistic about the material handling technology segment
electric motor. in 2023, not least because its order books are well-filled.

In 2022, Liebherr paved the way for digitalised sales pro-

cesses when it introduced a product configurator for mate- Turnover € m
rial handling technology. The tool enables configuration of
the desired machines regardless of time or location.
2021 554
Scarcity of raw materials and the trend towards sustainable
steel production mean that the recycling sector, especially +5.8 % 2022 586
the scrap industry, is becoming increasingly important and
that material handling technology is consequently in high Investments € m
demand. Despite the uncertainties caused by the geopolit-

2021 36

“Cost-effective, reliable and efficient material –2.8 % 2022 35

handling technology plays an important role
in the resource-saving circular economy. Employees
Liebherr is constantly expanding its product
portfolio in line with customer and market
needs.” 2021 590

–30.7 % 2022 409

37
Deep foundation
machines
---
Liebherr achieved a turnover of € 396 million
with deep foundation machines in the 2022
business year, which represents an in-
crease of € 66 million or 20.0 % compared
to the previous year.

Positive developments despite challenges In 2022, Liebherr also recorded its highest-ever backlog in
2022 was a good year overall for the deep foundation ma- the deep foundation machines product segment.
chines industry due to major investments in infrastructure
and energy worldwide. However, such market-driving fac- Emission-free machines on the rise
tors were held back by high inflation and ongoing material Two emission-free drilling rigs, the LB 25 unplugged with
shortages. 250 kNm torque and the LB 30 unplugged with 300 kNm,
have been added to Liebherrʼs portfolio. They can be operat-
Despite persistent difficulties in the supply chain, Liebherr ed using the existing construction site electricity supply or
was able to achieve significant turnover growth in the 2022 powered wirelessly from a battery. The optional extension of
fiscal year. Business has gained rapid momentum and de- the drilling axis allows the machines to handle drilling diam-
mand for deep foundation machines has reached record eters of up to 3.4 m. The optional rear stabiliser and new
heights, especially in the USA. In the European Union, too, design of the modular rear ballast ensure greater stability
Liebherr recorded encouraging increases in turnover. The and a longer service life.
main driving forces behind this were France, the Nether-
lands and Belgium. In the non-EU countries, Liebherr record- Two new unplugged piling rigs were also launched in 2022.
ed a significant drop in turnover, partly due to the down- The LRH 100.1 unplugged is based on the tried-and-tested
ward trend in the exchange rate. The Africa, Near and Middle LRH 100, while the LRH 200 unplugged is a completely new
East region recorded a decline, although business pro- development. The new concept of the LRH 200 unplugged
gressed well in South Africa. The Asia and Oceania region expands the range of applications and makes it even more
saw an encouraging increase in turnover thanks to positive versatile. Besides piling, the machine can be used for drilling
trends in Australia. Growth was achieved in Central and with continuous flight auger, full displacement equipment
South America, thanks to the Brazilian market in particular. or down-the-hole hammer, as well as for wet mixing.

38 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

34.6 % 36.9 % 7.6 %

Central and South

America
1.9 %

Africa, Near and
Middle East Asia and Oceania
7.6 % 11.4 %

The steadily growing demand for digital construction site Turnover € m

solutions remained highly evident last year. Liebherrʼs My-
Jobsite is a digital solution that records various process,
machine, construction site and position data for analysis 2021 330
and evaluation. In the business year, the unplugged ma-
chines were integrated into MyJobsite, allowing customers +20.0 % 2022 396
to view the total energy consumption during work on the
construction site. Investments € m

Given the high demand and positive order situation, Liebherr

expects a further increase in turnover in the deep foundation 2021 56
machines product segment in 2023.
+26.8 % 2022 71

Employees

“Liebherr is actively shaping the requirements

of the deep foundation machines industry 2021 1,179
with its electrification and digitalisation +2.5 % 2022 1,209
solutions.”

39
Mining
---
Turnover in the mining product segment amounted to € 1,227 million in
the 2022 business year, representing an increase of € 81 million or 7.1 %
compared with the previous year.

Growth in the face of adversity In the vertical integration space, Liebherr has made the
The worldwide demand for raw materials, and the equip- R 9400, R 9600, R 9800, T 264, T 274 and T 284 all available
ment needed to extract them, remained strong through- with Liebherr engines, creating a single point-of-call for
out 2022. This was despite the challenges presented by customers.
global inflation, the international energy crisis, and the
war in Ukraine. The overall turnover of Liebherrʼs mining Within Liebherr Miningʼs technology product range, Assis-
product segment varied in the different sales regions. tance Systems for off-highway trucks were expanded to in-
In the EU and in non-EU countries, Liebherr recorded a clude both the Trolley Guidance and Crusher Guidance
moderate decrease in turnover. Thanks to the thriving Systems. The development and integration of the Autono-
Canadian and American markets, Liebherr saw encourag- my Ready Kits into the T 264, T 274 and T 284 was com-
ing growth in turnover in North America. In Middle and pleted in 2022. Liebherr Miningʼs first fully autonomous off-
South America, Panama and Colombia were the driving highway trucks performed successfully on proving grounds
forces behind Liebherrʼs increased turnover. In Africa, in the past year. Based on these achievements, the first
Near and Middle East, turnover also increased. In Asia autonomous haulage fleet is now scheduled to start oper-
and Oceania, however, Liebherr achieved a turnover ating on a mine site in 2023.
slightly below the level of the previous business year.
Liebherr demonstrated its commitment to offering cus-
Continuous innovation and improvement tomers low emissions solutions for all its product range in
At Bauma 2022 in Munich (Germany), Liebherr unveiled its 2022. All Liebherr trucks are now trolley-line compatible,
R 9300 Generation 8 excavator. The R 9300 has been fur- which will help customers reduce their greenhouse gas
nished with the latest technology and can be adapted for emissions. These trucks have also been designed to be com-
future CO₂ emissions and automation requirements. patible with future electric battery technologies.

40 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

5.9 % 1.7 % 8.3 %

Central and South

America
13.3 %

Africa, Near and
Middle East Asia and Oceania
14.2 % 56.6 %

Liebherr also completed its Zero Emission Mining feasibility the increased off-highway truck production that is required
study in 2022, which investigated available technologies in to fulfil the future delivery requirements, Liebherr plans
order to determine how the company can effectively progress to further invest in, and grow, both the Colmar (France) and
within the zero emission area in the future. Newport News (USA) factories over the next few years.

An important part of Liebherrʼs commitment to decarbonis-

ing the mining industry was the signing of an integration Turnover € m
and supply agreement with Fortescue Metals Group in June
2022. This agreement involves integrating electric battery
and fuel cell systems into the T 264 off-highway truck. 2021 1,146
After an initial period with conventional manned and diesel
T 264 trucks starting operation on Fortescueʼs mine sites, +7.1 % 2022 1,227
the fleets will gradually be converted into battery powered
trucks to allow Fortescue to achieve their ambitious Zero Investments € m
Emission Targets for heavy mobile equipment. To support

2021 59

“Liebherr has taken great strides in the +35.6 % 2022 80

decarbonisation space. Through internal
developments, partnerships and thorough Employees
industry research, the company is determined
to meet customer requirements as the need
for zero emission solutions increases.” 2021 4,000

+4.8 % 2022 4,193

41
Mobile and crawler cranes
---
In the mobile and crawler cranes product segment, Liebherr recorded
a turnover of € 3,009 million in the 2022 fiscal year. This represents a
€ 132 million or 4.6 % increase compared with the year before.

New production record Low-emission cranes and game-changing technology for

The market for mobile and crawler cranes continued growing future energy
in 2022. The reasons included major infrastructure projects Liebherr launched several energy-efficient solutions in 2022
and the expansion of renewable energies. Despite slight dis- in response to the rising demand for low-emission products.
ruptions in the supply chain, Liebherr hit a new production Crawler cranes LR 1130.1 unplugged and LR 1160.1 unplugged
record thanks to the increased demand. Never have so many are battery powered on construction sites, making them
mobile and crawler cranes been produced as in the fiscal year. emission-free and very quiet, without compromising on per-
formance. Similarly, the LTC 1050-3.1E hybrid compact crane
In terms of turnover by region, growth was particularly evi- is electrically powered during operation. The LR 12500-1.0,
dent in North America and in the Africa, Near and Middle East which was launched in April, is a real game changer. With a
region. The USA, Canada, Saudi Arabia and the United Arab lifting capacity of 2,500 t, this mega crane is designed for
Emirates were key drivers in these respective regions. Despite loading heavy goods like offshore wind power components
encouraging growth in Australia, turnover in the overall Asia in ports and for industrial applications. Another innovation
and Oceania region declined slightly. The core market EU is the LR 1100.1. It can be deployed rapidly using the tried-
remained relatively stable at the previous yearʼs level. In the and-tested self-assembly system and is equipped with the
non-EU countries, positive business, such as in the United latest assistance system, Gradient Travel Aid, which opti-
Kingdom or Turkey, was not sufficient to offset the decline in mises safety when driving on inclines.
Russia. Meanwhile, Central and South America saw a slight
increase in turnover in this product segment. The LTM 1100-5.3 all-terrain crane was presented at Bauma
2022 in Munich (Germany). As it is only 2.55 m wide with axle
loads of 9 t, it can be driven on roads worldwide without
having to go through lengthy driving approval processes. It is

42 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

25.7 % 43.1 % 9.9 %

Central and South

America
2.6 %

Africa, Near and
Middle East Asia and Oceania
5.7 % 13.0 %

also equipped with the new LICCON3 crane control system. Order volumes are currently high and Liebherr expects a
The LRT 1130-2.1 was also presented at Bauma, expanding slight increase in turnover for 2023 in the mobile and crawl-
the range of rough-terrain cranes upwards and setting new er cranes product segment.
benchmarks for cost-effective transport and safety in this
size class. Many customers at Bauma were able to access
the online content on training, operational planning and
crane operations through the many new applications on the Turnover € m
MyLiebherr customer portal. MyLiebherr makes day-to-day
operations easier for crane operators and facilitates more
efficient and cost-effective crane operation. 2021 2,877

In the business year, Liebherr pressed ahead with the devel- +4.6 % 2022 3,009
opment of its logistics plant in Ehingen (Germany) and invest-
ed heavily in the restructuring of material flows. The newly Investments € m
opened repair centre in Ehingen-Berg now offers an expanded
range of services for customers from its roughly 75,000 m²
premises, and boasts even greater capacity. 2021 77

+20.8 % 2022 93

Employees
“In 2022, Liebherr paved the way for a new
generation of mobile cranes designed for the
digital applications of the future.” 2021 5,769

+6.6 % 2022 6,149

43
Tower cranes
---
In the 2022 business year, turnover in the tower cranes product segment
remained at the previous yearʼs level. At € 561 million, it was merely € 2 million
or 0.4 % below the figure for 2021.

Germany remains the strongest sales market Expansion of the successful EC-B series
High inflation created considerable headwinds in the construc- The 470 EC-B flat-top crane introduced in 2022 has a maxi-
tion industry, particularly in the European market. This had mum load capacity of 16 or 20 t. The design process fo-
a knock-on effect in the tower crane segment and was com- cused equally on performance, assembly and transport. The
pounded by disruptions in the procurement market that jib and counter-jib can be attached to the slewing platform
caused delivery delays. In spite of the difficult general con- easily, conveniently and safely. Only five trucks are required
ditions, turnover in the tower cranes product segment re- to transport it to the construction site, thus saving time
mained at the previous yearʼs level. and money and reducing transport-related emissions. Just
in time for Bauma 2022 in Munich (Germany), Liebherr was
Liebherr achieved encouraging growth in Asia and Oceania ready to unveil the new 520 EC-B Fibre with fibre rope. This
as well as in Africa, Near and Middle East where Australia, is the biggest new addition to the EC-B cranes and expands
Hong Kong, India, Egypt and Israel proved to be particularly the series upwards. With a load capacity of up to 20 t, it can
strong drivers. North America also recorded an increase in be used flexibly in residential, plant or bridge construction.
turnover, with the individual markets of the USA and Canada Another milestone was fitting various large cranes outside
providing impetus for growth. In the European Union and non- the EC-B series with high-strength fibre rope for the first
EU countries, Liebherr recorded declines compared to the time. The 258 HC-L 10/18 Fibre, the 1188 EC-H 40 Fibre and
previous year. Business in France declined significantly, the 370 EC-B 16 Fibre have been on the market since Bauma
mainly due to the sale of Liebherrʼs rental fleet to an exter- 2022. The new hydraulic luffing-jib crane 195 HC-LH 6/12
nal lessor. The slump in non-EU countries can mainly be and the improved mobile construction crane MK 140-5.1 from
attributed to the Russian market. Turnover also fell in Central the Liebherr plant in Biberach (Germany) were also show-
and South America. cased at the exhibition.

44 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

2.8 % 73.8 % 12.1 %

Central and South

America
0.7 %

Africa, Near and
Middle East Asia and Oceania
4.5 % 6.1 %

In the tower crane segment, research and development fo- Turnover € m

cused on networking construction sites and machinery.
Particular emphasis was placed on the optimal use of cranes
and a holistic approach to the construction site. With that 2021 563
in mind, Liebherr worked on digital solutions and developed
optimisation strategies to support operators in their work –0.4 % 2022 561
on Construction 4.0.
Investments € m
Despite difficult market conditions, Liebherr is cautiously
optimistic about the 2023 business year and expects a
slight increase in turnover for tower cranes. 2021 81

+17.3 % 2022 95

Employees
“The research and development work on
tower cranes is focused on networking
construction sites and machinery.” 2021 2,510

+4.1 % 2022 2,613

45
Concrete technology
---
In the concrete technology product segment, Liebherr recorded a
turnover of € 253 million in the 2022 business year, representing an
increase of € 34 million or 15.5 % year-on-year.

Visible economic effects

In the first half of 2022, Liebherr experienced a significant and mixing plants increased moderately compared to the
drop in demand in concrete technology. This was mainly previous business year.
due to global price increases and delivery bottlenecks in the
construction industry. Nevertheless, thanks to highly posi- Emission savings in focus
tive business development in the second half of the year, the A highlight in the concrete technology segment was the pre-
Group succeeded in building on the growth of the previous series production of the first hybrid truck mixer with conven-
year. tional truck drive and battery-powered HTM body.
The presentation of the new generation of mixing plants at
Thanks to positive growth in Germany, Austria and France, turn- Bauma in Munich (Germany) was another milestone. The
over in the European Union developed positively. In the non- Betomix and Mobilmix series are based on an innovative mo-
EU countries, turnover increases were recorded primarily in dular system and replace several predecessor series. The
the United Kingdom and Switzerland. In the North, Central modularity of the new mixing plants offers customers an in-
and South America regions, Liebherr achieved strong growth dividually tailored solution. The new editions also have im-
in Canada, the USA and Brazil. Thanks to good sales figures proved drives, delivering energy savings of up to 30 %. They
in Saudi Arabia, business development in the Africa, Near and also have a higher dosing accuracy, which means that up
Middle East region was also positive. In contrast, the conti- to 7.5 kg of cement can be saved per m³ of concrete. In 2022,
nuing decline in the Chinese market was the main reason for development activities focused on control technology. The
the decline in turnover in Asia and Oceania. main focus was on optimising systems and processes through
Global turnover increased sharply, especially in concrete data collection and processing. In addition, work was done
pumps and in sensor technology. Turnover with truck mixers on a hybrid drive for truck-mounted concrete pumps.

46 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

7.5 % 41.5 % 16.2 %

Central and South

America
11.9 %

Africa, Near and
Middle East Asia and Oceania
16.2 % 6.7 %

Plant investment activities focused on measures to improve Turnover € m

energy efficiency. Photovoltaic systems and new heating
systems were installed at various sites in order to reduce
their energy consumption and CO₂ footprint. 2021 219

Thanks to its healthy order volume, Liebherr expects turn- +15.5 % 2022 253
over in the concrete technology segment to increase in 2023.
However, this primarily depends on a stable material supply. Investments € m

2021 11

+0.0 % 2022 11

“The configurable modular systems for mixing Employees

plants are based on standard components and
ensure maximum customer benefit at lower
overall costs.” 2021 1,820

+0.7 % 2022 1,833

47
Maritime cranes
---
In the 2022 fiscal year, Liebherr recorded a turnover of € 812 million
in its maritime cranes product segment. This represents a year-on-year
increase of € 72 million or 9.7 %.

Upswing in maritime goods handling

The global maritime goods handling market is experiencing EU, which can be attributed in particular to the tense econo-
an upswing. Turnover in the segment – broken down by prod- mic situation. There was also a slight downturn in turnover
uct area – reflected the general industry trend in the mari- in Asia and Oceania.
time sector. Liebherr experienced a slightly decreased turn-
over in mobile harbour cranes compared to the previous year. Heavy Lift Crane 295000 successfully completes first
A modest year-on-year increase in turnover was achieved in assignments
the ship cranes and offshore cranes product areas. Container One of the highlights of the fiscal year was the delivery of the
cranes saw a positive increase thanks to substantial orders Heavy Lift Crane 295000. This crane, the largest Liebherr has
in the core markets. ever built, left the port of Rostock (Germany) on board the
Orion at the end of March. The offshore installation vessel,
A breakdown of turnover by region in the maritime cranes in tandem with the crane, is regarded as the most innova-
product segment reveals significant growth in North America tive vessel in the offshore wind industry. Several assignments
and Africa, Near and Middle East in particular. This encour- have already been successfully completed since then.
aging result was driven primarily by business in the USA,
Ethiopia and Tanzania. The non-EU countries as well as Cen- In the last business year, development activities centred on
tral and South America also recorded an increase in turnover. assistance systems with a focus on (partially) automated
Conversely, Liebherr experienced a declined turnover in the cranes for handling bulk goods and containers. A number of

48 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

13.2 % 23.3 % 15.1 %

Central and South

America
7.8 %

Africa, Near and
Middle East Asia and Oceania
25.9 % 14.7 %

basic developments were successfully concluded in this Turnover € m

context. Additional technologies were also implemented in
the machine health area.
2021 740
On the basis of its strong order situation, Liebherr antici-
pates a growth in turnover in the maritime cranes product +9.7 % 2022 812
segment in 2023.
Investments € m

“The last business year saw a strong 2021 18

emphasis on the development of assistance
+11.1 % 2022 20
systems with a focus on (partially) auto-
mated cranes for handling bulk goods and
containers.” Employees

2021 3,679

+3.0 % 2022 3,791

49
 © Dassault Aviation – C. Cosmao

Aerospace and transportation

systems
---
In its aerospace and transportation systems product segment, Liebherr achieved a
turnover of € 1,311 million in the 2022 business year, which represents an increase
of € 218 million or 19.9 % compared to the previous year.

Recovery of the global market quicker than expected valves and anti-ice valves for the Pearl® 10X engine, powering
The upward trend in global air and railway traffic that Dassault Aviationʼs Falcon 10X business jet. Additionally,
emerged in 2021 has continued in 2022. Liebherrʼs overall Liebherr was chosen by Deutsche Aircraft to develop and sup-
turnover developed positively in all regions in 2022. While ply the flap and spoiler actuation system as well as the air
the aerospace product area achieved significant growth in management system for the D328eco™ aircraft, a platform
the EU, a decline was recorded in transportation systems. paving the way towards a zero-emission flight objective.
In non-EU countries and North America, Liebherr achieved
an increased turnover in both product areas. Aerospace On the railway market, Liebherr and Siemens unveiled the
further saw strong growth in Middle and South America as jointly developed Siemens Mobility air-free brake system and
well as Africa, Near and Middle East. Turnover in Asia and its essential component, the air-free brake actuator. Liebherr
Oceania developed very positively for aerospace, but greatly also obtained several orders to deliver, for example, 182 com-
declined for transportation systems due to the stagnating pact air-conditioning units for new Czech long-distance
Chinese market. reversible trains on behalf of Siemens Mobility Austria. Fur-
thermore, Liebherrʼs new generation of levelling systems
Innovating technologies for the future went into passenger service on board the 7000 series rail
Airbus selected Liebherr to supply the lower cargo door ac- cars produced by CRRC Sifang America and operated by
tuator and valve for the A350. The complex valve will be Chicago Transit Authority.
produced using 3D printing technology. Furthermore, Rolls- In 2022, Liebherr focused its research on an array of topics,
Royce commissioned Liebherr to supply engine pneumatic such as the integration of lightweight structures and

50 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

21.7 % 49.1 % 11.7 %

Central and South

America
3.0 %

Africa, Near and
Middle East Asia and Oceania
1.8 % 12.7 %

3D-printed equipment for providing weight and fuel im- Turnover € m

provement for next-generation aircraft. In addition, the
company continued its research on fuel cell technology.
2021 1,093
Based on the market development, Liebherr expects the
turnover to reach the pre-pandemic level by 2023/2024, +19.9 % 2022 1,311
one year earlier than anticipated.
Investments € m

2021 21

+38.1 % 2022 29

“Liebherr makes a significant contribution to

a more viable world, lower emission aviation Employees
and rail transport, in particular by
accelerating the deployment of technologies
2021 5,943
to drastically reduce CO₂ emissions.”
–0.1 % 2022 5,936

51
Gear technology and
automation systems
---
In the 2022 business year, turnover in the gear technology and automation
systems product segment amounted to € 205 million, representing a slight
decline of € 5 million or 2.4 % on the previous year.

Asia – the most important region Renewed focus on battery systems

According to the German Machine Tool Buildersʼ Association The year 2022 saw the presentation of the new LC 500 DC
(VDW), order intake in the machine tool industry grew, with gear hobbing machine at the AMB trade show in Stuttgart
inflation having a noticeable impact. The Liebherr gear techno- (Germany) – a landmark for gear technology. The machine is
logy and automation systems product segment performed part of Construction Set C and impresses with its stable
below the trend, with turnover slightly below the previous hobbing, optimised chip removal and other features.
yearʼs level. Inflation and material shortages had a significant
impact on the high order volume. The series production of CBN profile grinding wheels with a
grinding wheel diameter of just 25 mm was another mile-
Turnover in the EU declined, mainly due to downturns in Ger- stone in the business year, as was the further development
many and Poland. There were also significant downturns in of LiTool, a design and simulation program for increasing
non-EU countries and Central and South America. Due to a the quality of tool manufacturing.
sharp downturn in the USA, turnover also fell in North Ameri-
ca. In contrast, turnover in Asia and Oceania rose strongly A highlight in automation systems was the further develop-
thanks to encouraging growth in China and India. ment of process automation in the area of manufacturing
battery systems for electrically powered vehicles, focusing
Product areas also saw different levels of performance. mainly on the dosing and application of thermal paste and
While turnover in automation systems fell, a moderate growth adhesives.
in gear technology was recorded.

52 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

18.5 % 36.1 % 4.9 %

Central and South

America
2.0 %

Africa, Near and
Middle East Asia and Oceania
0.0 % 38.5 %

Liebherrʼs research activities focused on battery pack disas- Turnover € m

sembly concepts. Various test grippers have already been
developed and constructed for this purpose.
2021 210
Thanks to the very healthy order volume, the product seg-
ment expects turnover to stabilise in 2023. However, this –2.4 % 2022 205
forecast should be viewed with caution, as the high material
prices will persist initially. Investments € m

2021 5

+20.0 % 2022 6

“In the next few years, the focus will continue Employees
to be on product and portfolio management,
increasing process efficiency and reducing
product costs.” 2021 1,664

+1.4 % 2022 1,688

53
Refrigerators and freezers
---
Liebherr achieved a turnover of € 1,152 million with refrigerators and freezers
in the 2022 business year. This represents an increase of € 101 million or 9.6 %
compared to the previous year.

Tense consumer climate in Europe A quantum leap in energy efficiency

The world market volume for large electrical appliances In the 2022 fiscal year, Liebherr presented a number of
fell slightly in 2022. The main strains on the industry were new product developments and pioneering solutions in the
caused by delivery bottlenecks and cost increases, which refrigerators and freezers segment. This included the
also had an impact on the price of end products. Consumer launch of new free-standing appliances that combine ener-
behaviour in Europe reached a low due to high inflation, gy efficiency with intuitive operation, digital networking
increased living costs and uncertainties over energy supply. and sophisticated design. These appliances are notable for
their innovative freshness technologies, such as the BioFresh
Nevertheless, Liebherr achieved overall turnover growth Professional Fish & Seafood Safe. One outstanding high-
in the refrigerators and freezers product segment, with vari- light was the debut of a world first at the IFA 2022 in Berlin
ations from region to region. In the European Union, an in- (Germany): Liebherrʼs unique solution combining a vacuum
crease in turnover was recorded, primarily driven by the Ger- with finely ground lava rock to insulate refrigerators and freez-
man and French markets. In non-EU countries, Liebherr ers. This innovative, patented technology is based on ten
increased turnover especially in Switzerland and the UK. The years of research and, for the first time, opened the way for
picture was similar in the Central and South America region, the company to manufacture freezers in classes A and B
where impetus came primarily from Ecuador. Growth in Asia according to EU energy labelling.
and Oceania proved particularly encouraging, with markedly
positive trends in China and Australia. Growth in the USA off- In terms of digitalisation, Liebherr has enhanced its Smart-
set a decline in turnover in Canada, leading to a slight in- Device app with the unique AutoDoor function, which allows
crease in the North America region. However, Liebherr record- the doors of an appliance to be opened and closed inde-
ed a decline in turnover in the Africa, Near and Middle East pendently by tapping lightly, giving a voice command, or ac-
sales region, where growth in individual markets was not suf- tivating them via the app.
ficient to offset the downward trend.

54 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

2.7 % 74.6 % 14.0 %

Central and South

America
0.3 %

Africa, Near and
Middle East Asia and Oceania
0.6 % 7.8 %

In the business year, the company continued its research Turnover € m

cooperation on refrigeration technology with the Karlsruhe
Institute of Technology (Germany), which is set to run until
2025. Liebherr also entered into a research partnership with 2021 1,051
Silicon Austria LABS for printed electronic components.
+9.6 % 2022 1,152
Although significant cost increases will continue to pose
challenges, Liebherr expects further growth in the refriger- Investments € m
ators and freezers segment in 2023.

2021 59

–6.8 % 2022 55

Employees

“Through ongoing research and development, 2021 6,618

Liebherr is setting new standards with +1.3 % 2022 6,707
innovative technologies and revolutionising
the field of refrigeration and freezing.”

55
Components
---
Turnover in the components product segment amounted to € 461 million
in the 2022 business year, representing a slight decline of € 17 million or
3.6 % year-on-year.

America as the most important sales region wards global decarbonisation. This kind of prototype engine
In the 2022 business year, Liebherr was unable to maintain powers the first hydrogen excavator from Liebherr, which
its growth trajectory in the components product segment won the Bauma Innovation Award 2022 in the climate pro-
and achieved a total turnover slightly below the figure for tection category.
the previous year. The product segment experienced uneven
growth in the various regions. Turnover increases were As part of its work to electrify work machines, Liebherr came
achieved in North, Central and South America. The USA and up with new drive solutions, such as electric drive units,
Brazil were strong drivers. Despite some growth stimuli, and adjustment systems for wind sails that are used for pro-
especially from Italy, Switzerland and Turkey, Liebherr saw pulsion in shipping. During the business year, the Group
an overall decline within the European Union and non-EU also presented a mobile energy storage system for supplying
countries. In Asia and Oceania, the decline in turnover was decentralised construction sites.
mainly due to the wind industry and developments in China.
In the Africa, Near and Middle East region, Liebherr kept turn- Another area of focus was the digitalisation of work ma-
over relatively stable at the previous yearʼs level. Looking chines. Liebherr developed camera monitoring systems with
at the individual product areas, turnover increased in the area 360° top-view solutions and digital status monitoring for
of decentralised energy production in connection with the combustion engines and unveiled an integrated wear mea-
manufacture of diesel engines. The renewed increase in the surement system for slewing bearings and a prototype
wind and mining aftermarket is particularly noteworthy. force measurement sensor for hydraulic cylinders.

Focus on digitalisation and alternative drive concepts Hybrid cylinders made from a combination of steel and car-
Liebherrʼs development of a prototype hydrogen combustion bon-fibre-reinforced plastic (CFRP) were developed to save
engine for heavy-duty applications and a suitable hydrogen weight in mobile and stationary applications. The range of
injection solution have made an important contribution to-

56 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Turnover by sales regions

North America European Union Non-EU countries

16.9 % 53.4 % 4.1 %

Central and South

America
11.3 %

Africa, Near and
Middle East Asia and Oceania
0.0 % 14.3 %

axial hydraulic pumps and motors has been expanded to liable partner for a wide variety of industries, Liebherr
include new nominal sizes. is creating the conditions for growth in the components
product segment over the coming business year.
Main bearings are a key element of the machinery used in
wind turbines. Therefore, Liebherr also added single-row
tapered roller bearings to its portfolio. Moreover, the first
mooring bearings were delivered for the self-alignment of Turnover € m
floating offshore wind turbines.

Among other things, Liebherr invested in its new production 2021 478
site in China, expanded an assembly line for drive units in
India, and set up a new production facility for hydraulic cylin- –3.6 % 2022 461
ders in Germany. The installation of photovoltaic systems
at several production sites represents a significant step to- Investments € m
wards a CO₂-free future. By expanding its product portfolio,
continually developing new technologies and serving as a re-
2021 55

+58.2 % 2022 87
“Liebherr demonstrates its foresight by
adopting a product development approach Employees
that is open to new technology, while paving
the way for innovative and efficient
components in future.” 2021 5,499

+4.1 % 2022 5,726

57
05

Group companies
58 Annual report 2022
59
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

The Group

Summary of Group companies

---
Europe

Austria Denmark
Hotel Löwen Schruns GmbH Liebherr‑Danmark ApS
Schruns Hedensted
Interalpen‑Hotel Tyrol GmbH
Telfs Finland
Liebherr‑Hausgeräte Lienz GmbH Liebherr‑Finland Oy Ab
Lienz Helsinki
Liebherr‑International Austria GmbH
Bischofshofen France
Liebherr‑MCCtec GmbH Liebherr‑Aerospace Toulouse SAS
Nenzing Toulouse
Liebherr Österreich Vertriebs‑ und Service GmbH Liebherr‑Aerospace & Transportation SAS
Bischofshofen Toulouse
Liebherr‑Transportation Systems GmbH Liebherr‑Components Colmar SAS
Korneuburg Colmar
Liebherr‑Transportation Systems GmbH & Co KG Liebherr Distribution et Services France SAS
Korneuburg Niederhergheim
Liebherr‑Werk Bischofshofen GmbH Liebherr‑France SAS
Bischofshofen Colmar
Liebherr‑Werk Nenzing GmbH Liebherr‑Location France SAS
Nenzing Niederhergheim
Liebherr‑Werk Telfs GmbH Liebherr‑Mining Equipment Colmar SAS
Telfs Colmar
Liebherr‑Mining Equipment SAS
Azerbaijan Colmar
Liebherr‑Azeri LLC Société de lʼAéroport de Colmar SAS
Baku Colmar

Bulgaria
Liebherr‑Concrete Technology Marica EOOD
Radinovo
Liebherr‑Hausgeräte Marica EOOD
Radinovo
Liebherr‑Transportation Systems Marica EOOD
Radinovo

Czech Republic
Liebherr‑Stavební stroje CZ s.r.o.
Brno

60 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Germany Liebherr‑IT Services GmbH

Hans Liebherr‑Hilfe e.V. Kirchdorf an der Iller
Biberach an der Riss Liebherr‑Logistics GmbH
Liebherr‑Aerospace Lindenberg GmbH Kirchdorf an der Iller
Lindenberg Liebherr‑MCCtec Rostock GmbH
Liebherr‑Aviation GmbH Rostock
Biberach an der Riss Liebherr‑MCCtec Vertriebs‑ und Service GmbH
Liebherr‑Baumaschinen Hamburg
Vertriebs‑ und Service GmbH Liebherr‑Mietpartner GmbH
Dettingen an der Iller Ludwigshafen am Rhein
Liebherr‑CMCtec GmbH Liebherr‑Mischtechnik GmbH
Biberach an der Riss Bad Schussenried
Liebherr‑Components GmbH Liebherr‑Purchasing Services GmbH
Biberach an der Riss Biberach an der Riss
Liebherr‑Components Biberach GmbH Liebherr‑Transportation Systems
Biberach an der Riss Mannheim GmbH
Liebherr‑Components Deggendorf GmbH Mannheim
Deggendorf Liebherr‑Verzahntechnik GmbH
Liebherr‑Components Kirchdorf GmbH Kempten
Kirchdorf an der Iller Liebherr‑Werk Biberach GmbH
Liebherr-Digital Development Center GmbH Biberach an der Riss
Ulm Liebherr‑Werk Ehingen GmbH
Liebherr‑Electronics and Drives GmbH Ehingen (Donau)
Lindau Liebherr‑Wohnungsbau GmbH
Liebherr‑EMtec GmbH Kirchdorf an der Iller
Kirchdorf an der Iller
Liebherr‑Ettlingen GmbH Hungary
Ettlingen Liebherr‑Építöipari Gépek Magyarország Kft.
Liebherr‑Hausgeräte GmbH Györ
Ochsenhausen
Liebherr‑Hausgeräte Ochsenhausen GmbH Ireland
Ochsenhausen Killarney Hotels Ltd.
Liebherr‑Hausgeräte Vertriebs‑ und Killarney
Service GmbH Liebherr‑Construction Equipment Ireland Limited
Ulm Rathcoole
Liebherr‑Hydraulikbagger GmbH Liebherr Container Cranes Ltd.
Kirchdorf an der Iller Killarney
Liebherr‑International Deutschland GmbH
Biberach an der Riss

61
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Europe

Italy Sweden
Liebherr‑EMtec Italia S.p.A. Liebherr‑Sverige AB
Lallio Västerås
Liebherr‑Italia S.p.A.
Monfalcone Switzerland
Liebherr‑Utensili s.r.l. Eglesia AG
Collegno Bulle
Liebherr‑Baumaschinen AG
The Netherlands Reiden
Liebherr‑Maritime Benelux B.V. Liebherr‑Components AG
Amersfoort Nussbaumen
Liebherr‑Nederland B.V. Liebherr‑Component Technologies AG
Amersfoort Bulle
Liebherr‑Export AG
Norway Nussbaumen
Liebherr‑Norge AS Liebherr‑Hotels AG
Ingeberg Bulle
Liebherr‑Industrieanlagen AG
Poland Bulle
Liebherr‑Polska sp. z o.o. Liebherr‑International AG
Ruda Śląska Bulle
Liebherr‑Intertrading AG
Portugal Bulle
Liebherr Portugal, Lda. Liebherr Machines Bulle SA
Venda do Pinheiro Bulle
Mariso Bulle S.A.
Romania Bulle
Liebherr‑Romania S.R.L.
Bucharest Spain
Liebherr Iberica, S.L.
Russia Azuqueca de Henares
Liebherr‑Aerospace Nizhny Novgorod OOO Liebherr Industrias Metálicas, S.A.
Nizhny Novgorod Pamplona
Liebherr‑Aerospace Russland OOO
Moscow Turkey
Liebherr Financial Services OOO Liebherr Makine Ticaret Servis Limited Şirketi
Moscow Istanbul
Liebherr‑Nizhny Novgorod OOO
Nizhny Novgorod
Liebherr‑Russland OOO
Moscow

62 Annual report 2022

01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

Africa,  Near
and Middle East

United Kingdom Algeria

Liebherr‑Great Britain Ltd. Liebherr Algérie, EURL
Biggleswade Algiers
Liebherr‑Rental Ltd.
Biggleswade Ghana
Liebherr Sunderland Works Ltd. Liebherr‑Ghana Ltd.
Sunderland Accra

Morocco
Liebherr‑Maroc SARL
Casablanca

Mozambique
Liebherr‑Mozambique, Lda.
Maputo

Nigeria
Liebherr‑Nigeria Ltd.
Abuja

Saudi Arabia
Saudi Liebherr Company Ltd
Jeddah (60 %)

South Africa
Liebherr‑Africa (Pty) Ltd
Springs

United Arab Emirates

Liebherr Equipment Services Middle East L.L.C
Dubai
Liebherr Middle East FZE
Dubai

Zambia
Liebherr Zambia Ltd.
Lusaka

63
01 Foreword from the 02 Brief portrait 03 Development 04 Reports on the 05 Group 06 Consolidated
family shareholders of the Group and outlook product segments companies financial statements

North America Central and South America

Canada Argentina
Liebherr‑Canada Ltd. Liebherr‑Argentina S.A.
Burlington, ON Buenos Aires

Mexico Brazil
Liebherr Mexico, S. de R.L. de C.V. Liebherr Aerospace Brasil LTDA
Mexico City Guaratinguetá
Liebherr Monterrey, S. de R.L. de C.V. Liebherr Brasil LTDA
Monterrey Guaratinguetá
Liebherr Servicios Monterrey,
S. de R.L. de C.V. Chile
Monterrey Liebherr Chile SpA
Santiago de Chile
USA
HL Farm, LLC Colombia
Newport News, VA Liebherr Colombia SAS
Liebherr Aerospace Saline, Inc. Bogotá D.C.
Saline, MI
Liebherr‑America, Inc. Panama
Newport News, VA Liebherr Panama S.A.
Liebherr Automation Systems Co. Panama City
Saline, MI
Liebherr Gear and Automation Technologies, Inc. Peru
Saline, MI Liebherr Peru S.A.C.
Liebherr Mining Equipment Newport News Co. Lima
Newport News, VA
Liebherr USA, Co.
Newport News, VA

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Asia and Oceania

Australia PR China
Liebherr-Australia Pty. Ltd. Liebherr (China) Co., Ltd.
Adelaide Shanghai
Liebherr Components (Dalian) Co., Ltd.
India Dalian
Liebherr Appliances India Private Limited Liebherr (HKG) Limited
Aurangabad Hong Kong SAR
Liebherr CMCtec India Private Limited Liebherr LAMC Aviation (Changsha) Co., Ltd.
Pune Changsha (50%)
Liebherr India Private Limited Liebherr Machinery (Dalian) Co., Ltd.
Mumbai Dalian
Liebherr Machine Tools India Private Limited Liebherr Purchasing (Dalian) Co., Ltd.
Bangalore (60 %) Dalian
Liebherr Transportation Systems (China) Co., Ltd.
Indonesia Pinghu
PT. Liebherr Indonesia Perkasa Xuzhou Liebherr Concrete Machinery Co., Ltd.
Jakarta Xuzhou

Japan Singapore
Liebherr Japan Co., Ltd. Liebherr‑Singapore Pte Ltd
Yokohama Singapore

Kazakhstan South Korea

Liebherr Kasachstan TOO Liebherr Mobile Cranes Korea Ltd.
Almaty Seoul

Malaysia Thailand
Liebherr Appliances Kluang SDN. BHD. Liebherr (Thailand) Co., Ltd.
Kluang Rayong
Liebherr Sales Kluang SDN. BHD.
Kluang

New Caledonia
Liebherr‑Nouvelle‑Calédonie SAS
Nouméa

65
06
Consolidated financial statements
Consolidated balance sheet........................................................................................................................................................................ 68

Consolidated income statement................................................................................................................................................................ 69

Consolidated statement of comprehensive income............................................................................................................................... 70

Consolidated statement of changes in equity......................................................................................................................................... 70

Consolidated cash flow statement............................................................................................................................................................. 71

Notes to the consolidated financial statements......................................................................................................................................72

Report of the statutory auditor................................................................................................................................................................... 88

Five-year summary........................................................................................................................................................................................ 89

66 Annual report 2022

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Consolidated balance sheet

Assets in € m Notes 31/12/2022 % 31/12/2021 %

Intangible assets 3.1 29 0.2 29 0.2

Tangible assets 3.2 3,808 24.7 3,629 24.9

Investments accounted for using the equity method 3.5 8 0.1 7 0.0

Non-current financial assets 3.6 227 1.5 208 1.4

Deferred tax assets 8 222 1.4 256 1.8

Non-current assets 4,294 27.9 4,129 28.3

Inventories 4.1 5,662 36.8 4,447 30.6

Receivables 4.2 / 4.3 2,500 16.2 2,180 15.0

Income tax receivables 8 84 0.5 82 0.6

Current financial assets 4.5 1,394 9.1 1,565 10.8

Cash and cash equivalents 4.6 1,465 9.5 2,145 14.7

Current assets 11,105 72.1 10,419 71.7

Total assets 15,399 100.0 14,548 100.0

Equity and liabilities in € m

Share capital 62 0.4 62 0.4

Other reserves and retained earnings 2.3 / 5 8,596 55.8 8,290 57.0

Equity of Liebherr-International AG shareholders 8,658 56.2 8,352 57.4

Non-controlling interests 16 0.1 19 0.1

Equity 8,674 56.3 8,371 57.5

Non-current financial liabilities 6 1,235 8.0 1,213 8.3

Post-employment benefits 9 678 4.4 996 6.9

Deferred tax liabilities 8 63 0.4 63 0.4

Non-current provisions 10 34 0.2 42 0.3

Other non-current liabilities 7 64 0.4 70 0.5

Non current liabilities 2,074 13.4 2,384 16.4

Current financial liabilities 6 1,101 7.2 823 5.7

Payments received in advance 665 4.3 427 2.9

Income tax liabilities 8 130 0.8 111 0.8

Current provisions 10 682 4.5 656 4.5

Other current liabilities 7 2,073 13.5 1,776 12.2

Current liabilities 4,651 30.3 3,793 26.1

Total equity and liabilities 15,399 100.0 14,548 100.0

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Consolidated income statement

in € m Notes 31/12/2022 % 31/12/2021 %

Turnover 11 12,589 91.7 11,639 95.4

Increase or decrease of work in progress and finished goods 524 3.8 −24 −0.2

Other own work capitalised 328 2.4 333 2.7

Other operating income 289 2.1 261 2.1

Operating income 13,730 100.0 12,209 100.0

Cost of materials −7,554 −55.0 −6,505 −53.3

Personnel expenses −3,394 −24.7 −3,072 −25.2

Depreciation of non-current assets 3 −528 −3.8 −507 −4.2

Other operating expenses −1,800 −13.1 −1,413 −11.6

Operating expenses −13,276 −96.6 −11,497 −94.3

Operating result 454 3.4 712 5.7

Finance income 1,353 9.9 593 4.9

Finance cost −1,562 −11.4 −493 −4.0

Share of net profit of associates and joint ventures accounted for using the equity method 1 0.0 0 0.0

Finance result −208 −1.5 100 0.9

Result before tax 246 1.9 812 6.6

Taxes on income 8 −244 −1.8 −267 −2.2

Result after tax 2 0.1 545 4.4

of which shareholders of Liebherr-International AG 1 0.1 544 4.4

of which non-controlling interests 1 0.0 1 0.0

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Consolidated statement of comprehensive income

in € m 31/12/2022 31/12/2021

Result after tax 2 545

Post-employment benefits 345 54

Deferred tax −46 −10

Items that will not be reclassified to profit or loss 299 44

Foreign exchange translation differences 51 82

Changes of fair value in cash flow hedges 3 −74

Deferred tax 1 13

Items that may be reclassified to profit or loss 55 21

Other comprehensive income 354 65

Comprehensive income 356 610

of which shareholders of Liebherr-International AG 355 607

of which non-controlling interests 1 3

Consolidated statement of changes in equity

Other
Foreign reserves Equity of
exchange and Liebherr-
Share Financial translation retained International AG Non controlling
in € m capital assets at OCI differences earnings shareholders interests Group equity

31/12/2020 62 53 −64 7,717 7,768 16 7,784

Result after tax 544 544 1 545

Other comprehensive income −61 80 44 63 2 65

Comprehensive income −61 80 588 607 3 610

Dividends −23 −23 0 −23

Changes in shares of non controlling interests 0 0 0 0

31/12/2021 62 −8 16 8,282 8,352 19 8,371

Result after tax 1 1 1 2

Other comprehensive income 4 51 299 354 0 354

Comprehensive income 4 51 300 355 1 356

Dividends −50 −50 0 −50

Changes in shares of non controlling interests 1 1 −4 −3

31/12/2022 62 −4 67 8,533 8,658 16 8,674

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Consolidated cash flow statement

in € m 31/12/2022 31/12/2021

Result after tax 2 545

Depreciation of non-current assets 528 507

Fair Value changes in marketable securities (current assets) 209 −81

Gain / Loss on disposal of non-current assets 2 4

Change in provisions and post-employment benefits 40 41

Other non-cash items −62 −69

Change in stock −1,186 −278

Change in receivables and other current assets −341 −181

Change in other liabilities 547 468

Change in rental fleet −154 −118

Net cash flow from operating activities −415 838

Payment for investments in intangible assets −10 −9

Payment for investments in tangible assets −500 −357

Payment for investments in marketable securities in current assets −220 −236

Proceeds from sales of tangible assets 24 14

Proceeds from sales of financial assets 1 0

Proceeds from sales of marketable securities (current assets) 189 178

Other proceeds from investing activities 13 11

Net cash flow from investing activities –503 –399

Dividends paid, other distributions and equity capital repaid −50 −23

Proceeds from current or non-current financial liabilities 779 281

Repayment of current or non-current financial liabilities −500 −598

Net cash flow from financing activities 229 – 340

Net decrease / increase in cash and cash equivalents – 689 99

Effects of exchange rate changes on cash and equivalents 9 10

Cash and cash equivalents at beginning of period 2,145 2,036

Cash and cash equivalents at end of period 1,465 2,145

Income tax paid and reimbursed −238 −288

Interest paid −41 −28

Interest received 43 38

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Notes to the consolidated financial statements

1 Corporate information and business activity The accounting and reporting principles applied to these
The company was founded in 1949 by Dr. Hans Liebherr. consolidated financial statements comply with Swiss Corpo-
Currently, the family-run company has more than 50,000 ration Law as well as with IFRS. The prior year values are
employees working in more than 140 companies around prepared in accordance with the same principles, insofar as
the world. The share capital of Liebherr-International AG, newly applicable standards also apply to prior periods.
Bulle, Switzerland, amounting to € 62 million (100 million
CHF) is held exclusively by the Liebherr family. The annual financial statements are based on a historical
cost basis with transactions being recognised and reported
For the construction sector and the mining industry, the Group in the period when they occur. Any divergence from this
develops, produces and distributes construction cranes, principle is specifically mentioned. The reporting period
mobile cranes, crawler cranes, hydraulic excavators, material of Liebherr-International AG and its subsidiaries ends on
handlers, duty cycle crawler cranes, wheel loaders, crawler December 31. The presentation currency is the euro, as it
loaders and tractors, pipelayers, telescopic handlers, mining is the predominant currency in the Group.
trucks as well as concrete mixing plants, concrete pumps
and truck mixers worldwide. In addition, Liebherr develops, In order to increase comprehensibility and relevance, some
produces and distributes ship cranes, floating cranes, off- detailed disclosures required by IFRS are not published in
shore cranes, container and mobile harbour cranes for the these condensed consolidated financial statements. These
cargo handling industry worldwide. The activities range disclosures are correctly disclosed in the audited consoli-
across machine tools, automation systems and engineering dated financial statements according to IFRS.
projects in the machine and plant construction industry, and
landing gears, flight control and actuation systems as well Major uncertainties resulted from the ongoing Russia-
as air management systems in the aerospace industry. Fur- Ukraine war on the balance sheet date. The sanctions im-
thermore, Liebherr manufactures equipment for rail vehicles posed and their countermeasures restrict economic
in the transportation technology area. For household and activities with Russia and have a negative impact on the
commercial refrigeration and freezing, Liebherr produces a business of the Liebherr Groupʼs Russian companies.
variety of products with high benefits for the end users.
In the component area the Group specialises in the develop- Turkey meets the definition of a hyperinflationary economy
ment, design and manufacture of products in the mechanical, in the 2022 fiscal year. In this respect, IAS 29 is to be applied.
hydraulic and electric drive and control categories. Moreover, Accordingly, the relevant non-monetary assets and liabili-
Liebherr operates six hotels in Ireland, Austria and Germany. ties, equity and all income statement items have been adjust-
ed for the effects of inflation using the consumer price in-
dex (Local Government Consumer Price Index with base year
2 Accounting policies 2003 (Turkish Statistical Institute)). Afterwards, the balance
sheet items as well as expenses and income are translated
2.1 General principles into the presentation currency, the euro, at the closing rate.
The Groupʼs consolidated financial statements for the year However, the first-time application results in an effect in
ended December 31, 2022 comply with International Financial other comprehensive income (OCI) of no material signifi-
Reporting Standards (IFRS) as issued by the International cance for the Group.
Accounting Standards Board (IASB), London.
2.2 Published and newly applied standards, interpretations
They are in accordance with all International Financial and amendments
Reporting Standards (IFRS) and interpretations by the Inter-
national Financial Reporting Interpretations Committee The following new standards, interpretations and amend-
(IFRIC) applicable for annual periods beginning on or after ments were relevant for Liebherr in 2022.
January 1, 2022.

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IAS 16 2.3 Basis of consolidation

The published amendment to IAS 16 prohibits an entity The consolidated financial statements are prepared based
from deducting from the cost of an item of property, plan on the individual financial statements of Liebherr-Interna-
and equipment any proceeds received from selling items tional AG and its subsidiaries, which are audited by indepen-
produced while the entity is preparing the asset for its in- dent auditors and prepared using consistent accounting
tended use. There are no material effects resulting from policies. The consolidated financial statements include the
the application. annual financial statements of Liebherr-International AG
as a parent company and of all subsidiaries in which Liebherr-
IAS 37 International AG directly or indirectly holds a majority of
lAS 37 defines an onerous contract as one in which the una- voting rights, or otherwise controls according to IFRS 10.
voidable costs of meeting the entityʼs obligations exceed
the economic benefits to be received under that contract. No companies have been established during the fiscal
Unavoidable costs are the lower of the net cost of exiting year 2022.
the contract and the costs to fulfil the contract. The amend-
ment clarifies the meaning of ʼcosts to fulfil a contractʼ. Acquired companies are fully consolidated from the time
The amendment explains that the direct cost of fulfilling a when the Group has control according to IFRS 10. They are
contract comprises the costs of fulfilling that contract accounted for using the purchase method under which
and an allocation of other costs that relate directly to ful- identifiable assets, liabilities and contingent liabilities are
filling contracts. There are no material effects resulting measured at fair value on the date of acquisition. Any re-
from the application. maining residual value is recorded as goodwill in the respec-
tive functional currency of the company acquired. Any
IFRS 1 goodwill is not systematically amortised, but is reviewed for
IFRS 1 allows an exemption if a subsidiary adopts IFRS at a impairment at least on an annual basis.
later date than its parent. The subsidiary can measure its
assets and liabilities at the carrying amounts that would be Sold companies are deconsolidated at the time the Group
included in its parentʼs consolidated financial statements, ceases to have control and any gain or loss is recognised in
based on the parentʼs date of transition to IFRS, if no adjust- the income statement.
ments were made for consolidation procedures and for the
effects of the business combination in which the parent ac- Investments for which the Group does not exercise control
quired the subsidiary. The Board has amended IFRS 1 to al- but a significant influence are classified as associates or
low entities that have taken this IFRS 1 exemption to also joint ventures and accounted for using the equity method
measure cumulative translation differences using the according to IAS 28 and IFRS 11. The Groupʼs share of net
amounts reported by the parent, based on the parentʼs date assets is presented in the balance sheet under Investments
of transition to IFRS. There are no material effects resulting accounted for using the equity method and the share of
from the application. profit of joint ventures and associates is shown in the in-
come statement under Share of net profit of associates and
IFRS 9 joint ventures accounted for using the equity method.
The amendment to IFRS 9 addresses which fees should be
included in the 10% test for derecognition of financial lia- The consolidated financial statements include investments
bilities. Costs or fees could be paid to either third parties or in joint ventures and associate companies. Material invest-
the lender. Under the amendment, costs or fees paid to ments are as follows:
third parties will not be included in the 10% test. There are
no material effects resulting from the application. – Fors AG, Studen, Switzerland
– OEMServices SA, Tremblay-en-France, France
– Aerospace Transmission Technologies GmbH,
Friedrichshafen, Germany

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2.4 Translation of foreign currency

Foreign currency transactions are converted at the spot rate balance sheet date exchange rate. For the translation of the
as of the transaction date. Monetary assets and liabilities income statement and the cash flow statement, the average
in foreign currency are translated at the balance sheet date exchange rate of the annual period is used. Exchange rate
exchange rate. All gains and losses are recognised in the differences arising from the conversion of the income state-
income statement. Assets and liabilities in financial state- ment of affiliated companies are recognised separately in
ments of subsidiaries are converted to euros using the the other comprehensive income until disposal.

For the most significant currencies, the following exchange rates have been applied:

2022 2021
Year end rate in € Average rate in € Year end rate in € Average rate in €

Switzerland CHF 1 1.0155 0.9957 0.9680 0.9249

USA USD 1 0.9376 0.9511 0.8829 0.8454

Great Britain GBP 1 1.1275 1.1733 1.1901 1.1631

Australia AUD 1 0.6372 0.6596 0.6404 0.6352

Russia RUB 1 0.0128 0.0141 0.0117 0.0115

2.5 Financial instruments

A financial instrument is any contract that gives rise to a fi- rise to cash flows that are solely payments of principal and
nancial asset of one entity and a financial liability or equity interest on the principal amount outstanding, Liebherr will
instrument of another entity. Purchases and sales of finan- classify them as "Amortised cost" otherwise as "Fair value
cial instruments are recognised using the trading date. through profit or loss". Thus, Liebherr recognises financial
instruments that are recognised and measured differently
Financial assets and liabilities are recognised when the depending on their allocation to the categories specified
Liebherr Group becomes a party to the contractual obliga- in IFRS 9.
tions of the instrument. Financial assets are derecognised
when the contractual rights to receive cash flows are fully Financial instruments at fair value through profit or loss
transferred to a third party or they have expired. In cases (fvtpl)
where the rights to receive cash flows are neither trans- This category includes financial assets and liabilities classi-
ferred nor retained, a derecognition is only relevant to the fied upon initial recognition at fair value through profit or
extent that control has been transferred. If the Group has loss and financial assets, inclusive of derivatives, i.e. deriva-
retained control, the Group continues to recognise the in- tives held for trading and not held as a hedging instrument
strument to the extent of its continuing involvement. A finan- according to IFRS 9. All financial instruments in this catego-
cial liability is not derecognised until the liability is extin- ry are measured at fair value with gains or losses arising
guished, i.e. when the obligation specified in the contract from changes in fair value recognised in the income state-
is discharged or cancelled or expires. ment in the relevant period (finance income or finance cost).
In general, the fair value of the financial instrument base on
The adoption of IFRS 9 resulted in a change with respect market prices (Level 1 Inputs and Level 2 Inputs of the fair
to the classification and measurement of financial instru- value hierarchy). Valuation techniques (Level 3 Inputs) using
ments. The initial and subsequent measurement of the vari- non-observable input parameters are not applied. There
ous financial instruments used by the Liebherr Group de- were no financial instruments whose fair values could not
pends on the business model and the cash flow structure. be determined with sufficient reliability.
If the contractual details of the financial instrument give

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Amortised cost
This category represents loans granted by Liebherr Group
and accounts receivable trade.

Financial assets within this category are recognised at fair

value plus transaction costs that are directly attributable
to the acquisition or issue of the financial asset upon initial
recognition and subsequently measured at amortised cost.
At each balance sheet date or under certain circumstances
(e.g. significant financial difficulties of the debtor), the car-
rying amount of the financial instruments in this category
are assessed for any impairment. Any impairment losses,
which are determined by comparing the carrying value of the
instrument to the fair value, are recognised in the income
statement. If there is objective substantial evidence in sub-
sequent periods that the impairment of an asset is no
longer applicable, the previously recorded impairment loss
is to be reversed. However, the reversal of the impairment
loss may not create a carrying value that exceeds what the
carrying value would have been if normal amortisation
charges had been considered (not considering the
impairment).

Other financial liabilities

Other financial liabilities comprise all financial liabilities
with the exception of derivatives. Financial liabilities are
recognised initially at fair value including transaction costs.
They are subsequently measured at amortised cost using
the effective interest method. In addition to actual interest
payments, finance costs include annual compound interest
and pro rata transaction costs.

Financial guarantee contracts

A financial guarantee contract is a contract that requires
the issuer to make specified payments to reimburse the
holder for a loss. This loss incurs when a specified debtor
fails to make payments in accordance with the original
or modified terms of a debt instrument. In some cases, the
creditworthiness of customers is guaranteed by the
Liebherr Group to the financing party, i.e. a financial guaran-
tee contract is issued.

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3 Non-current assets

3.1 Intangible assets Development costs for new products are not capitalised, as
Intangible assets acquired separately are measured initially the future economic benefit can only be demonstrated
at acquisition costs. Internally generated intangible assets after a regulatory approval and a successful launch of the
from which the Group expects to receive a future benefit and products in the market.
which can be measured reliably are capitalised at their cor-
responding production costs. The production costs include All intangible assets are amortised over the lower of their
all costs directly attributable to the production process expected economic useful life or the contractual length
and a proportionate share of production-related overheads. using the straight-line method. Intangible assets with indef-
Borrowing costs are not capitalised, as by definition intan- inite useful lives are not amortised but are tested for impair-
gible assets are not qualifying assets. ment annually.

The estimated useful lives of the major classes of intangible assets are as follows:

Concessions 3 years

Industrial property rights and similar rights 3 years

Licences 3 years

Software 3 – 5 years

3.2 Tangible assets

Tangible assets are measured at costs less cumulative de- of rental machines is recognised as revenue. The reversal
preciation and cumulative impairment. As a depreciation of the related remaining book value from the disposal is
method the straight-line method is used with a depreciation treated as cost of materials. Tangible assets are derecog-
period corresponding to the useful life. Land is not depre- nised upon disposal or when no future economic benefit
ciated on a systematic basis. Maintenance costs are capita- is expected from their use.
lised when they extend the useful life or the production
capacity of the asset. Other maintenance costs and repairs Borrowing costs directly attributable to the purchase, con-
are recognised in the income statement as incurred. struction or manufacturing of a qualified asset are capital-
ised during the period until the asset is brought into service
Any gain or loss arising from the disposal of an asset is in- and afterwards depreciated over the useful life of the asset.
cluded in other operating income or expenses. The disposal Other borrowing costs are treated as expenses.

The estimated useful lives of tangible assets are as follows:

Buildings 20 – 40 years

Machinery and equipment 5 – 21 years

Furniture 13 years

IT 3 – 5 years

Vehicles 5 – 11 years

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family shareholders of the Group and outlook product segments companies financial statements

Development of tangible assets as at 31/12/2022:

Land and Technical equip. Other equip., factory Adv. paym., assets
in € m buildings and machinery and office equip. under construction Total

Acquisition and production cost as at 1/1 3,714 2,788 1,779 189 8,470

Additions 95 375 142 241 853

Disposals −33 −286 −84 −3 −406

Transfers 42 60 1 −108 −5

Foreign exchange differences 35 33 18 −1 85

Acquisition and production cost as at 31/12 3,853 2,970 1,856 318 8,997

Accum. depreciation and impairment as at 1/1 1,694 1,801 1,346 0 4,841

Depreciation of the year 151 207 147 0 505

Accum. depreciation on disposals −19 −112 −79 0 −210

Impairment 5 2 0 1 8

Transfers 0 19 −19 0 0

Foreign exchange differences 14 20 12 −1 45

Accumulated depreciation as at 31/12 1,845 1,937 1,407 0 5,189

Net book value 31/12 2,008 1,033 449 318 3,808

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Development of tangible assets as at 31/12/2021:

Land and Technical equip. Other equip., factory Adv. paym., assets
in € m buildings and machinery and office equip. under construction Total

Acquisition and production cost as at 1/1 3,545 2,722 1,700 153 8,120

Additions 93 367 122 152 734

Disposals −18 −373 −95 −4 −490

Transfers 43 43 26 −113 −1

Foreign exchange differences 51 29 26 1 107

Acquisition and production cost as at 31/12 3,714 2,788 1,779 189 8,470

Accum. depreciation and impairment as at 1/1 1,538 1,738 1,277 0 4,553

Depreciation of the year 145 201 137 0 483

Accum. depreciation on disposals −14 −158 −89 0 −261

Impairment 5 2 1 0 8

Transfers 0 0 0 0 0

Foreign exchange differences 20 18 20 0 58

Accumulated depreciation as at 31/12 1,694 1,801 1,346 0 4,841

Net book value 31/12 2,020 987 433 189 3,629

Other equipment, factory and office equipment include The carrying amount of land and buildings contains the
mainly computer equipment, furniture, vehicles, transpor- capitalised borrowing costs amounting to € 4 million
tation equipment, tools and fixtures. (2021: € 3 million).

The net book value of € 3,808 million (2021: € 3,629 million

€) corresponds to 42.3% (2021: 42.9%) of the historical cost.
The recognised impairment loss relates to the rental
equipment.

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3.3 Leases Liebherr Group is a lessor of self-made machines. IFRS 16,

Liebherr acts mainly as a lessor and only in cases a pur- Leases, contains also provisions according to which a deci-
chase is legally or economically not efficient, Liebherr Group sion has to be made whether substantially all the risks and
is a (long term) lessee. The adoption of IFRS 16 implies that rewards incidental to ownership of an asset is transferred
Liebherr has to recognise both a right-of-use asset and a to the lessee. Depending on the extent of the transfer of risk
lease liability. The majority of cases in this context concern and rewards, the lease is classified as finance lease or as
land and buildings, but also machinery. The lease liability is operating lease. Self-constructed assets capitalised under
measured at the beginning of the lease term at the present tangible assets but leased out under an operating lease are
value of the unpaid payments and discounting is based on recognised at production costs. All other leased out equip-
the incremental borrowing costs. ment is recognised at acquisition costs. All rental equipment
is depreciated using the straight-line method according to
The practical expedients given in IFRS 16 with respect to the assetʼs useful life reflecting the lower of the market val-
low value asset leases and short term leases, implying that ue or the calculated residual value of the asset. Lease in-
a recognition of a right-of-use asset and a lease liability come from operating leases is recognised in the income
is avoided, are interpreted and applied correspondingly at statement on a straight-line basis. With respect to financial
Liebherr. A short-term lease is defined as a lease that, at leases, a receivable is recognised at an amount equal to
the commencement date, has a lease term of 12 months the net investment in the lease. Lease payments are divided
or less, does not include an option to purchase the underly- into interest and principal payments.
ing asset and refers mainly to warehouses at short notice
and flats. Low value asset leases refer to leases for which For sale and leaseback transactions, established at fair
the underlying asset is of low value, i.e. a low present value value, the corresponding profit or loss is recognised.
of the lease payments, and subsumes assets such as print-
ers or other office equipment. Intangible assets are not
within the scope of IFRS 16. In determining the lease liability Generally, a multistage lease contains a head lease and a
both variable lease payments that depend on an index or sublease. In multistage leases, Liebherr Group is both lessor
a rate and amounts expected to be payable by the lessee and lessee. Accounting for the head lease implies a recog-
under residual value guarantees are included. nition of a right-of-use asset and a corresponding lease
liability. In subleases, Liebherr Group decides on the basis
The initial measurement of the right-of-use asset is based of the corresponding criteria for lessors in IFRS 16 and on
on the value of the initial measurement of the lease liability. the basis of the right-of-use asset of the head lease whether
Scheduled depreciation is carried out over the economic the sublease should be classified as a finance lease or as
useful life if the asset is transferred to the lessee at the end an operate lease.
of the term, or the lessee will exercise an existing purchase
option with sufficient certainty. If the lease transfers owner-
ship of the underlying asset to the lessee by the end of the 3.4 Impairment of non-current assets
lease term or if the cost of the right-of-use asset reflects Impairment losses on intangible and tangible assets will be
that the lessee will exercise a purchase option, Liebherr de- recognised at each reporting date if there are indications
preciates the right-of-use asset from the commencement that, following an event or due to changing circumstances,
date to the end of the useful life of the underlying asset. the book value is overvalued. If the carrying amount of an
Otherwise, depreciation is based the right-of-use asset from asset exceeds the recoverable amount (value in use or fair
the commencement date to the earlier of the end of the value less costs to sell) the asset will be written down to
useful life of the right-of-use asset or the end of the lease this lower amount. If necessary, intangible and tangible as-
term. The right-of-use asset is regularly tested for sets are combined to cash-generating units.
impairment.

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family shareholders of the Group and outlook product segments companies financial statements

3.5 Joint ventures and associated companies

Investments in joint ventures and associated companies
are accounted for using the equity method of accounting.

3.6 Non-current financial assets

Non-current financial assets comprise non-current leasing
receivables, loans and non-current marketable securities.
Loans are classified as "Amortised Cost". Marketable securi-
ties are measured at fair value through profit or loss. Man-
agement of these financial assets is in accordance with a
documented investment strategy and their performance is
assessed based on the change in fair value.

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4 Current assets

4.1 Inventories
Inventories are recognised at acquisition or production costs. materials and merchandise are generally measured at acqui-
Production costs includes costs directly related to the units sition costs. For raw materials, the acquisition cost reflect
of production and a systematic allocation of fixed and varia- the lower of the last purchase price and the weighted aver-
ble production overheads. The allocation of fixed production age price. Sufficient allowances are recorded for risks with
overheads is mostly based on the normal capacity of the pro- regard to obsolescence and slow moving stock as well as for
duction facilities; otherwise it is based on the actual level losses of pending transactions by depreciation or writing
of production. Selling costs, administrative overheads and down to the net realisable value.
borrowing costs are not capitalised. Raw

in € m 2022 2021

Raw materials and supplies 2,557 1,883

Work in progress 1,215 984

Finished goods and merchandise 1,871 1,569

Payments made in advance for inventories 19 11

Total 5,662 4,447

4.2 Construction and service contracts instead, a simplified approach may be used in order to
For specific construction and service contracts, revenue is, calculate the lifetime expected loss. Furthermore, depend-
more often than not, recognised over time. The dominating ent on the different residual terms a provision matrix as a
input-based approach to determine the stage of completion practical expedient for determining the expected loss on
at Liebherr Group is the cost-to-cost method. The cost-to- accounts receivables in the sense of stage allowances is
cost method determines the stage of completion according calculated. The mentioned provision matrix specifies fixed
to the ratio of the contract costs incurred up to the balance provision rates depending on the number of days that a
sheet date to the estimated total contract costs with the cor- trade receivable is past due. It is assumed that these pro-
responding sales per period to be recorded. However, out- vision rates approximate the default probability of trade
put methods can also be based on physical partial services receivables in the sense of the lifetime expected loss ap-
or contractually defined milestones. Both the cost-to-cost proach. A single allowance for doubtful accounts is recog-
method and the output-based method are established and nised when there is objective evidence that such receivables
applied at Liebherr resulting in an appropriate disclosure are not recoverable (e.g. due to bankruptcy, payment default
of the control transfer of services and products over time. or other financial difficulties of the debtor). The amount of the
loss is measured as the difference between the assetʼs car-
4.3 Accounts receivable rying amount and the present value of estimated future cash
Receivables are initially recognised at the transaction price. flows. The allowance is based on internal group guidelines,
Accounts receivable are classified as “Amortised Cost”. according to which individual allowances must be deducted
first. The payment terms and outstanding receivables are
The IFRS 9 impairment approach for financial instruments regularly monitored locally by all subsidiaries. Furthermore,
is based on a three-step procedure. But regarding the impair- safeguards in the form of prepayments and down payments
ment of accounts receivable without an underlying financ- are established.
ing component, representing the vast majority of the cases
at Liebherr, this three-step procedure may be avoided and

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family shareholders of the Group and outlook product segments companies financial statements

4.4 Derivative financial instruments

Within the Liebherr Group, this position predominantly in- asset or liability or a highly probable future transaction or
cludes forward currency contracts, currency options, curren- the foreign currency risk in an unrecognised firm commit-
cy swaps, interest rate swaps and interest rate currency ment. Exclusively in the aerospace division, Liebherr Group
swaps to hedge its foreign exchange and interest rate risks. uses hedging instruments in cash flow hedges. Thereby
All derivatives, if they do not qualify for hedge accounting the exposure to variability of future cash flows in foreign
in accordance with IFRS 9, are classified as financial instru- currencies which could have an effect on profit and loss
ments at fair value through profit or loss. is hedged. The effective portion of the gain or loss of the hed-
ging instrument is recognised in other comprehensive in-
To hedge the interest and foreign currency risks resulting come when the criteria for hedge accounting are fulfilled.
from its operational activities, financial transactions and in- These other comprehensive income amounts reflecting
vestments, the Liebherr Group makes use of derivative fi- the cumulated value changes of the hedging instruments
nancial instruments. The goal is to reduce volatility in the are, simultaneously, transferred to the income statement
income statement. A hedging relationship must fulfil various when the hedged transaction affects profit or loss or upon
criteria relating to the documentation, the probability of initial recognition of an asset or a liability. If the forecasted
occurrence, the effectiveness of the hedging instrument and transaction is no longer expected to occur, the hedge is no
the reliability of the measurement in order to qualify for longer effective and the amounts previously recognised in
hedge accounting in accordance with IFRS 9. other comprehensive income are transferred to the income
statement. The ineffective portion of the gain or loss of the
Under certain circumstances, a derivative financial instru- hedging instrument is recognised directly in the finance
ment designated as a hedging instrument can be used to result.
hedge the exposure to variability in cash flows that is attri-
butable to a particular risk associated with a recognised

4.5 Current financial assets

The financial assets in these categories are classified, loss. The management of these assets is based on a written
based on an internal risk management and investment investment strategy and performance is measured on fair
strategy, as financial assets at fair value through profit or value.

in € m 2022 2021

Shares 398 488

Mutual funds 83 108

Fixed income securities 857 902

Other securities 4 65

Total securities and other financial assets at fair value 1,342 1,563

Fixed deposits with a residual term more than three months 52 2

Total 1,394 1,565

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4.6 Cash and cash equivalents and earnings from previous years of the consolidated
In addition to cash on hand and cash in banks, short-term companies.
deposits with an original maturity of three months or less
are considered as cash and cash equivalents. Under this position, the effective portion of the gain or loss
of the hedging instrument in a cash flow hedge is recognised
5 Equity in accordance to IFRS 9 in other comprehensive income (OCI)
The share capital of Liebherr-International AG is divided without being recorded in the income statement.
into registered shares. The other reserves and retained
earnings contain the legal reserve of Liebherr-International In equity, exchange differences arising from the translation
AG as well as the retained financial performance of the oth- of assets and liabilities from the individual closings of foreign
er subsidiaries. Additionally, the balance includes the free subsidiaries into the presentation currency are included.
reserves of Liebherr-International AG as well as reserves

6 Financial liabilities
The following table gives an overview of the financial liabilities:

in € m Current Non-current Total 2022 Current Non-current Total 2021

Bank liabilities 1,079 1,095 2,174 790 1,070 1,860

Liabilities from leases 21 140 161 32 143 175

Bank liabilities from discounted bills 1 0 1 1 0 1

Total 1,101 1,235 2,336 823 1,213 2,036

7 Other liabilities
The following table gives an overview of the other liabilities:

in € m Current Non-current Total 2022 Current Non-current Total 2021

Liabilities from repurchase obligations 12 27 39 20 33 53

Accounts payable trade 1,032 0 1,032 861 0 861

Liabilities from personnel expenses and social security 396 0 396 358 0 358

Tax liabilities and customs 177 0 177 149 0 149

Derivative financial instruments 119 0 119 73 0 73

Contract Liabilities 186 0 186 167 0 167

Deferred income 19 0 19 16 0 16

Further liabilities 132 37 169 132 37 169

Total 2,073 64 2,137 1,776 70 1,846

84 Annual report 2022

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8 Taxes
Taxes include both current and deferred taxes. Current in- recovered. Conversely, a previously unrecognised deferred
come taxes (income or corporation tax, business tax and tax asset is recognised to the extent that it has become
corresponding foreign taxes) are the amounts resulting from probable that future taxable profit will allow the deferred
taxable income or loss to be paid to or recovered from the tax asset to be recovered.
relevant tax authority.
Deferred taxes are charged or credited directly to other com-
Current income taxes for the actual period and prior periods prehensive income if the taxes relate to items that are
are recognised as a liability to the extent that they have credited or charged directly to other comprehensive income
not yet been paid. If the amount already paid in respect of in the same or a different period.
current and prior periods exceeds the amount due for those
periods, the excess is recognised as an asset. The benefit Deferred income tax assets and deferred income tax liabili-
relating to a tax loss that can be carried back to recover ties are offset if a legally enforceable right exists to set off
current tax of a previous period is recognised as an asset. current tax assets against current income tax liabilities and
the deferred income taxes relate to the same taxable entity
Current tax liabilities (tax assets) for the actual and prior pe- and the same tax authority.
riods are measured at the amount expected to be paid to
(recovered from) the taxation authorities, using the tax rates 9 Employee benefits
(and tax laws) that have been enacted at the reporting date Employee benefits consist of pension obligations, commit-
or that will be enacted in the near future. Current income ments related to jubilee payments and retirement agree-
taxes are recognised in the income statement, except cur- ments. There are various employee benefit plans in the
rent income taxes relating to items previously recognised in Group, which are individually aligned with local conditions
other comprehensive income. in their respective countries. They are financed either by
means of contributions to legally independent pension /
Deferred tax assets and liabilities are recognised in accord- insurance funds, or by recognition as employee benefit lia-
ance with IAS 12 for temporary differences between the bilities in the balance sheet of the respective subsidiaries.
carrying amount of an asset or liability in the balance sheet
and its tax base. The deferred tax assets also include future The net periodic costs with regards to defined contribution
tax reductions from the expected use of losses brought for- plans to be recognised in the income statement are the
ward. Deferred tax assets are only recognised if there is agreed contributions of the employer. In case of defined be-
sufficient probability that future taxable profit will allow the nefit plans, the period costs are determined by means of
deferred tax asset to be recovered. Deferred tax assets and actuarial valuations by external experts using the projected
liabilities are measured at the tax rates that are expected to unit credit method which are prepared on a regular basis.
apply to the period when the asset is realised or the liability
is settled. The announcements of new tax rates (and new The calculation of net periodic costs and employee benefit
tax laws) by the government have been considered for the liabilities implies that statistical methods and variables are
measurement of deferred tax assets and liabilities. The employed. These variables include, for example, estimations
formal enactment is not relevant unless the temporary dif- and assumptions concerning the discount rate. Furthermore,
ferences balance themselves under the old tax law. actuaries use a wide range of statistical information for ac-
tuarial calculation of employee benefit liabilities which can
The carrying amount of deferred tax assets is reviewed at deviate significantly from actual results due to changes in
each reporting date and reduced to the extent that it is no market conditions, the economic situation as well as fluctu-
longer probable that sufficient taxable profit will be available ating rates of withdrawal and shorter or longer life expec-
to allow all or part of the deferred income tax asset to be tancy of benefit plan participants.

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10 Provisions
Provisions are only recognised in the balance sheet if the sions will only be recognised if the respective costs can be
Liebherr Group has an obligation to a third party that result- determined reliably by reference to a plan and if there is a
ed from a past event, and if a reliable estimate of the obli- corresponding obligation resulting from a contract or notifi-
gation can be made. Possible losses from future events are cation.
not recognised in the balance sheet. Restructuring provi-

Provisions 2022 Warranty Compensation and Expected loss from Other

in € m obligation product liability pending transactions provisions Total

Current provisions 445 14 140 83 682

Non-current provisions 0 0 16 18 34

Total provisions 445 14 156 101 716

Reconciliation

31/12/2021 430 9 109 150 698

Increase 159 7 86 31 283

Usage −111 −1 −55 −14 −181

Transfers 0 1 25 −25 1

Reversal −36 −3 −9 −42 −90

Discounting 0 0 0 1 1

Foreign exchange differences 3 1 0 0 4

31/12/2022 445 14 156 101 716

Provisions 2021 Warranty Compensation and Expected loss from Other

in € m obligation product liability pending transactions provisions Total

Current provisions 430 9 92 125 656

Non-current provisions 0 0 17 25 42

Total provisions 430 9 109 150 698

Reconciliation

31/12/2020 414 11 130 134 689

Increase 151 4 57 58 270

Usage −105 −2 −73 −19 −199

Transfers 0 0 0 0 0

Reversal −34 −3 −5 −24 −66

Discounting 0 0 0 0 0

Foreign exchange differences 4 −1 0 1 4

31/12/2021 430 9 109 150 698

86 Annual report 2022

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family shareholders of the Group and outlook product segments companies financial statements

11 Revenue recognition and profit realisation

Liebherr adopts IFRS 15. The core principle of IFRS 15 is that If Liebherr has determined that the performance obligation
an entity will recognise revenue to depict the transfer of is not fulfilled over time, revenue recognition in reference to
promised goods or services to customers in an amount that a specific point in time is assumed. Revenue recognition in
reflects the consideration to which the entity expects to reference to a specific point in time is, more often than not,
be entitled in exchange for those goods or services. This core the rule.
principle is delivered in a five-step model framework helping
to calculate the amount and to determine whether the re- Revenue from operating leases is recognised on a straight-
venue is to be recognised at a point in time or over a period line basis over the lease term, unless another systematic
of time. The five-step model requires the identification of basis is more representative of the time pattern in which the
the contract with a customer, the identification of the perfor- user benefit derived from the leased asset is diminished.
mance obligations, the determination of the transaction As such, income from lease payments is recognised propor-
price, the allocation of the transaction price to the correspon- tionally. The difference between payments received and
ding performance obligations and the recognition of reve- income recognised is deferred.
nue when the entity satisfies a performance obligation.
If partial invoices are issued during the contractual term, Sales proceeds from rental equipment disclosed under
revenue can be recognised during the contract period on non-current assets are not recognised until actual transfer
the basis of the right-to-invoice approach, i.e. revenue is re- of risks and rewards related to the assets occurs.
cognised in the amount of the invoiced amount.
12 Events after balance sheet date
Revenue recognition over time should reflect the transfer of There were no significant events at the Liebherr Group after
control over the service to the customer according to the the end of the business year of particular significance at the
progress in fulfilling the underlying performance obligation. Liebherr Group.
The dominating input based apporach to determine the
stage of completion at Liebherr Group is the cost-to-cost
method. The cost-to-cost method determines the stage
of completion according to the ratio of the contract costs
incurred up to the balance sheet date to the estimated
total contract costs with the corresponding sales per period
to be recorded.

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family shareholders of the Group and outlook product segments companies financial statements

Report of the statutory auditor

To the Board of Directors of

Liebherr-International AG, Bulle
Berne, March 31, 2023

Opinion
The summary consolidated financial statements of Liebherr-International AG, which comprise the consolidated balance
sheet as at 31 December 2022, the consolidated income statement, consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, and selected
notes, are derived from the audited consolidated financial statements of Liebherr-International AG for the year ended
31 December 2022.

In our opinion, the summary consolidated financial statements (pages 68 to 87) are consistent, in all material respects,
with the audited consolidated financial statements in accordance with the basis described in note 2.1.

Summary consolidated financial statements

The summary consolidated financial statements do not contain all the disclosures required by International Financial
Reporting Standards (IFRS). Reading the summary consolidated financial statements and the auditorʼs report thereon,
therefore, is not a substitute for reading the audited consolidated financial statements and our auditorʼs report thereon.

The audited consolidated financial statements and our report thereon

We expressed an unmodified audit opinion on the consolidated financial statements in our statutory auditorʼs report to
the annual general meeting dated 31 March 2023.

Board of Directorsʼ responsibility for the summary consolidated financial statements

The Board of Directorsʼ is responsible for the preparation of a summary of the complete audited consolidated financial
statements in accordance with the basis described in note 2.1.

Auditorʼs responsibility
Our responsibility is to express an opinion on whether the summary consolidated financial statements are consistent, in all
material respects, with the audited consolidated financial statements based on our procedures, which were conducted in
accordance with International Standard on Auditing (ISA) 810, “Engagements to Report on Summary Financial Statements”.

Ernst & Young Ltd

Christoph Michel Stefan Pieren

Licensed audit expert Licensed audit expert
(Auditor in charge)

88 Annual report 2022

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Five-year summary
in € m 2018 2019 2020 2021 2022

Turnover 10,551 11,750 10,341 11,639 12,589

Investments 829 756 605 742 863

Depreciation 513 541 543 507 528

Non-current assets 4,433 4,372 4,011 4,129 4,294

Current assets 9,352 9,916 9,722 10,419 11,105

Equity 7,570 7,884 7,784 8,371 8,674

Liabilities 6,215 6,404 5,949 6,177 6,725

Result after tax 321 429 7 545 2

Personnel expenses 2,790 2,980 2,847 3,072 3,394

2018 2019 2020 2021 2022

Employees 46,169 48,049 47,925 49,611 51,321

89
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Liebherr-International AG • CH-1630 Bulle / FR • Phone: +41 26 913 31 11 • [email protected]

www.liebherr.com