The deterioration in overall trading conditions became more and more evident for the Liebherr Group, especially as the year 2008 drew to a close. None the less, Liebherr recorded further growth in 2008. Turnover rose by 11.0 % or 834.0 million euros to 8,408.0 million euros. All Liebherr divisions achieved most gratifying increases, with turnover from construction machinery proving to be rather more dynamic than from other product areas. Turnover from construction machinery totalled 5,611.7 million euros, an increase of 11.4 % or 572.9 million euros.

In the Earthmoving and Mining division, sales revenue went up by 10.4 % or 255.8 million euros to 2,706.8 million euros. Turnover from mobile cranes rose by 14.2 % or 236.0 million euros to a total of 1,902.9 million euros, with the result that this business area made an above-average contribution to growth in the construction machinery area. There was also a further increase in turnover from construction cranes and mixing technology products, amounting to 8.8 % or 81.1 million euros, the new total being 1,002.0 million euros.

There was again strong growth in the Maritime Cranes division. Sales of harbour mobile cranes, container cranes, ship and offshore cranes and container stacking cranes yielded a total turnover of 627.7 million euros, an increase of 17.1 % or 91.6 million euros compared with the already high figure in the previous year. Turnover from the Domestic Appliances division rose slightly, by 2.7 % or 22.2 million euros, to 840.9 million euros. More than 2,200,000 refrigerators and freezers were sold, approximately the same number as in the previous year. The Machine Tools and Material Flow Technology division was able to look back on an excellent business year. Turnover rose by 22.5 % or 46.9 million euros to 255.0 million euros. In the Aerospace and Transportation Systems division, Liebherr achieved a total turnover of 821.1 million euros an increase of 7.5 % or 57.2 million euros compared with the previous year. Turnover from other products and services amounted to 251.6 million euros, an improvement of 20.7 % or 43.2 million euros.

The Liebherr Group pursues a long-term investment strategy. In view of this, it pressed ahead with important projects in 2008 as before, despite less favourable overall economic conditions. Its total investment volume of 914.9 million euros exceeded the previous year’s value by 27.9 % or 199.4 million euros.

In connection with all the figures stated above, it should be noted that the Liebherr Group’s annual accounts for the 2008 business year were compiled for the first time in accordance with IFRS (International Financial Reporting Standards), and that the comparative figures for the previous year (2007) have also been adapted to confirm with these standards.

As the Liebherr Group’s growth continued, the size of its workforce rose again. At the end of the year, Liebherr employed 32,600 people worldwide, 9.9 % or 2,940 employees more than a year previously.

Following the very strong growth phase in the past five years, in which the Liebherr Group’s turnover more than doubled, we expect sales revenues to drop distinctly in 2009. Turnover will probably reach the average level recorded in 2006 and 2007, when the Group’s earnings were in the region of seven billion euros. The operative result will drop considerably as a result of less favourable utilisation of available capacity, but bearing in mind the current exchange rate situations, an overall result close to that achieved in the previous year is possible.