Zeppelin 2022 revenues ‘remarkable’

Zeppelin Group has published its 2022 full year financial figures, reporting a sales revenue of €3.8 billion - up 4% on the €3.69 billion it made the previous year - with an EBITDA (earnings before interest, taxes, depreciation and amortisation) of €437 million.

Peter Gerstmann, Chairman of the Management Board of the Zeppelin Group, said, “Despite the particular challenges we have faced, especially the war against Ukraine and its effects, the sometimes-challenging political framework on some markets, highly dynamic price behavior, and persistent supply bottlenecks among our manufacturing partners and suppliers, we have achieved a remarkable result thanks to the combined strength and great commitment of our employees.”

The company’s three equipment distribution subsidiaries, Zeppelin Construction Equipment Central Europe, Nordics and Eurasia, brought in €1.51 billion, €292 million and €525 million respectively, alongside another €666 million from subsidiary Zeppelin Rental.

The financial figures, although buoyed by the recovery of the construction market after the Covid-19 pandemic, were significantly impacted by “the Russian war of aggression against Ukraine market”. 

The company’s business development strategy for its Construction Equipment Eurasia segment, which in recent years had achieved strong market growth in Russia, Belarus and Ukraine, was “abruptly ended” the war. Zeppelin Rental also took a more cautious approach to its plans to increase its market share in the Nordics.

Overall, “Zeppelin came through the crisis year 2022 quite well”, said Andreas Brand, Chairman of the Supervisory Board of the Zeppelin Group. “The Group responded very quickly and appropriately to the additional challenges.

“The very good cooperation between the management, supervisory board and employee representatives is what sets us apart, especially during the crisis.”

“Zeppelin is currently fulfilling its local service and maintenance obligations in Russia in strict compliance with sanctions and in accordance with its contractual obligations to its manufacturer partner Caterpillar,” but “The assumption is that business in Russia cannot be continued, on a permanent basis.”

Looking to 2023, the company is anticipating further war-related stresses and a continued slowdown of the wider construction industry, and the construction equipment market as a consequence.

But Zeppelin says “the large population of machines and engines provides a solid basis for the service business”.