Business & Finance, Financial reports

Record financial turnover for Liebherr

Liebherr Mining is set to unveil some major new machinery at the world’s leading construction machinery trade fair in October.

The Liebherr Group’s 2022 annual report has revealed a record turnover of €12.589 billion ($20.4 billion) for the year.  

The record turnover is an increase of €950 million ($1.5 billion), an 8.2 per cent increase from the previous year. 

Further highlights from the report include the company employing 51,321 people by the end of the business year, an increase of 1710 staff members from 2021.  

A turnover of €8561 million ($13.9 billion) was recorded in construction and mining machines, an increase of 6.9 per cent from the previous year. 

Liebherr also invested €863 million ($1.4 billion) in its production sites, global distribution and service networks. These investments increased by €121 million ($196 million) compared to the previous year. 

In its announcement, Liebherr said it wants to make decisive contributions towards technological processes relevant to its sectors, aligning with its goal to act as a key player in shaping the industry’s technological progress 

“Last year, the group therefore invested €588 million ($953 million) in research and development,” the company said. “The bulk of this was used in the development of new products. Numerous cooperative ventures with universities or higher education institutions and research institutes were initiated or continued.”  

In a company-led interview with key shareholders discussing the annual report, Liebherr’s administrative board member Patricia Rüf said there are plenty of opportunities for growth in 2023.  

“Just think of the energy transition and all the new opportunities and areas of business it is generating,” Rüf said. “This business year, we’re once again engaging with this topic through our ongoing research into alternative drive systems and the advancement of existing technologies.  

“We’ve taken the right path for the sake of future generations, and we’re already making good progress. We’re sure that we’ll reach many more milestones this year.  

“We’re feeling optimistic about the rest of the year and are already looking forward to the group’s upcoming anniversary in 2024.”

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