DEUZF - DEUTZ Aktiengesellschaft (DEUZF) Q4 2023 Earnings Call Transcript

2024-03-20 11:15:04 ET

DEUTZ Aktiengesellschaft (DEUZF)

Q4 2023 Results Conference Call

March 19, 2024 05:30 AM ET

Company Participants

Christian Ludwig - IR

Sebastian Schulte - CEO

Timo Krutoff - CFO

Conference Call Participants

Tore Fangmann - Berenberg

Stefan Augustin - Warburg Research

Jorge Gonzalez Sadornil - Hauck & Aufhäuser

Roland Konen - Value-Holdings

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome and thank you for joining the DEUTZ AG conference call on its full year 2023 results. [Operator Instructions] I would now like to turn the conference over to Christian Ludwig, Senior Vice President, Corporate Communication and Investor Relations. Please go ahead, sir.

Christian Ludwig

Thank you very much, operator. To all, a very warm welcome from my side to our fiscal year 2023 earnings call. Please note that this call is being recorded and a replay will be available on our website at deutz.com later today. Your participation in the call implies your consent with this.

Joining me today are our CEO, Sebastian Schulte; as well as our CFO, Timo Krutoff; and our Head of Finance, Oliver Nord. Also on board today is my successor, Mark Schneider as this is going to be our last earnings call for DEUTZ. As usual, Sebastian will walk you through the highlights of the performance of the group, and then head over to Timo who will provide some more details on our financial figures. Sebastian will close the presentation with our current market outlook and our guidance.

After this introduction, we will be happy to answer your questions. Please note that management comments during this call will include forward-looking statements, which involve risks and uncertainties. For a discussion of risk factors, I encourage you to review the disclaimer contained in our annual report and this presentation. All documents relating to our full-year 2023 reporting are also available on our website. And without much further ado, I'll hand over to Sebastian.

Sebastian Schulte

Thank you very much, Christian, and also from my side, welcome to our 2023 full-year earnings call. And well, as the picture here -- the initial picture shows obviously 2024 is for DEUTZ an most important year as we're celebrating our 160 year anniversary. But today we want to focus obviously looking back on the numbers and the results we achieved in 2023 because '23 was again a year of a very profitable growth for DEUTZ. Let me walk you through some of the highlights before going into details. So in terms of growth, we grew or we grew on many, many fronts. And the growth in numbers of engines sold was 3%. So in our Classic segment, we sold eventually 186,718 engines.

What we particularly are pleased with is that we managed to further grow our service business, our very profitable service business by 7.6% to an end year figure of €484 million. So that's a really, really solid development of this important business segment for us. And the group revenue grew again by almost 8% to a level of €2.1 billion. We'll hear later particularly when Timo is running you through the numbers that these €2.1 billion includes also the discontinued operations Torqeedo but we'll show later on the numbers also for continued operations in more detail....

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