Quarterly Report • May 22, 2012
Quarterly Report
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Quarterly Report | Q1 2012
| REVENUE | +13% |
|---|---|
| ADJUSTED EBIT MARGIN | 8.9% |
| ORDER BOOK | €984 million |
Revenue (€ million) Adjusted EBIT Margin
* The Adjusted EBIT in Q2/2011 includes €7 million in profits from investments mainly related to participations in dealers. These profits represent 0.7%-points of EBIT Margin which generally occur in Q2/2011 for the fiscal year. Thus, the Adjusted EBIT Margin in Q2/2011 amounts to 8.5% adjusted by profits from investments. In Q2/2010 the profits from investments were €2 million.
We are a leading global supplier of industrial trucks and we are well-positioned to capture growth opportunities in our European home market as well as across global growth regions by leveraging our leading market positions, our global sales and service network, our comprehensive product and service offering, our technological leadership and our multi-brand offerings. We are the largest manufacturer of industrial trucks in Europe and the second largest manufacturer globally.
| KION Group key figures *) | |||
|---|---|---|---|
| Q1 Q1 |
Q1 | Q1 | Change |
| € million 2012 2011 Change |
2012 | 2011 | 2012/2011 |
| -67.0% Order intake (in €) -1,146 -686 |
1,207 | 1,157 | 4.3% |
| -56.4% Order intake (in units) -35,200 -22,500 |
39,100 | 36,600 | 6.8% |
| -62.4% Revenue -968 -596 |
1,144 | 1,016 | 12.6% |
| <-100% EBITDA -146 -2 |
174 | 141 | 23.1% |
| <-100% Adjusted EBITDA¹ -146 -34 |
176 | 149 | 18.3% |
| - Adjusted EBITDA Margin¹ 15.1% 5.7% |
15.4% | 14.6% | - |
| <-100% EBIT -68 86 |
91 | 60 | 51.2% |
| <-100% Adjusted EBIT¹ -74 51 |
101 | 75 | 35.9% |
| - Adjusted EBIT Margin¹ 7.6% -8.5% |
8.9% | 7.3% | - |
| -0.9 Net income (+) / loss (-) for the period 12 172 |
16 | -4 | >100% |
| -2.9% Capital expenditures -26 -25 |
25 | 22 | 14.4% |
| <-100% Free cash flow² -94 64 |
-74 | 46 | <-100% |
| -21.2% Total spending on R&D³ -26 -21 |
31 | 27 | 13.4% |
| - R&D spending/revenue (%) 2.7% 3.6% |
2.7% | 2.7% | - |
| Change | |||
| € million | 31/03/2012 | 31/12/2011 | 2012/2011 |
| Trade working capital | 775 | 668 | 16.0% |
| Cash and cash equivalents | 302 | 373 | -19.2% |
| Equity | -487 | -488 | 0.1% |
| Net financial debt | 2,741 | 2,657 | 3.2% |
| Number of employees incl. | |||
| apprentices and trainees | 22,052 | 21,862 | 0.9% |
1 Adjusted for KION acquisition items and one-off items
2 Free cash flow is defined as Cash flow from operating activities less Cash flow used in investing activities
3 Including amortization expense, depreciation and capitalization
*) KION Group figures reflect financial data of KION Holding 1 GmbH as well as for certain respects figures of KION GROUP GmbH which acts as the management holding company for the Group.
| DISCLAIMER | 5 |
|---|---|
| BUSINESS | 6 |
| Overview | 6 |
| Our Strategy | 6 |
| Our Strengths | 8 |
| Summary of Corporate Structure & Shareholders | 10 |
| MANAGEMENT DISCUSSION & ANALYSIS | 11 |
| Recent Developments | 11 |
| Market Development in Q1/2012 | 12 |
| Financial Highlights of Q1/2012 | 13 |
| Condensed Statement of Income | 14 |
| Condensed Consolidated Balance Sheet | 18 |
| Condensed Statement of Cash Flow | 20 |
| Segment Results | 21 |
| Consolidation Effects | 23 |
| Factors affecting our Business | 24 |
| Employees | 24 |
| FINANCIAL STATEMENTS (unaudited) | 25 |
| BASIS OF PRESENTATION | 32 |
| RISK FACTORS | 33 |
| ANNEX 1: KPIs FINANCIAL SERVICES BUSINESS | 34 |
ANNEX 2: QUARTERLY FINANCIAL INFORMATION 35
We have included in this Quarterly Report the unaudited condensed interim Consolidated Financial Statements of KION Holding 1 GmbH. This financial data differs in certain respects from the financial data of KION GROUP GmbH: The financial statements of KION Holding 1 GmbH include the shareholder loan in the principal amount of €500 million (before capitalized interest) and certain fees including audit fees and annual fees to the supervisory board.
KION Holding 1 GmbH owns all the shares in KION Holding 2 GmbH, which in turn is the sole shareholder of KION GROUP GmbH. KION GROUP GmbH acts as our management holding company.
This report should be read in conjunction with the 2011 Annual Consolidated Financial Statements of KION Holding 1 GmbH available on our website. This report provides updated or additional information to the financial statements.
In this report, the accompanying unaudited condensed interim financial statements of KION Holding 1 GmbH as of and for the relevant period ended 31 March 2012 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted in the EU. The financial information and financial statements included in this report are presented in Euro. Certain numerical figures included in this report have been rounded. Therefore, discrepancies in tables between totals and the sums of the amounts listed and between figures in tables and their respective analysis in the text of the report may occur due to such rounding. All changes in percentage and ratios were calculated using the underlying data in € thousands.
This report contains information, data and predictions about our markets and our competitive position. We have not verified the accuracy of such information, data or predictions contained in this report that were taken or derived from industry publications, public documents of our competitors or other external sources. We believe that the information, data and predictions presented in this report provide fair and adequate estimates of the size of our markets and fairly reflect our competitive position within these markets. However, our internal estimates have not been verified by an external expert, and we cannot guarantee that a third party using different methods to assemble, analyse or compute market information and data would obtain or generate the same results. In addition, our competitors may define our and their markets differently than we do.
The discussion includes forward looking statements, which, although based on assumptions that we consider reasonable, are subject to risk and uncertainties, which could cause actual results, events or conditions to differ materially from those expressed or implied herein. Investors are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date hereof. We undertake no obligation to release publicly the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof, including, without limitation, changes in our business or strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events. We provide a cautionary discussion of risks and uncertainties under ''Risk Factors'' contained elsewhere in this report. These are factors that we think would cause our actual results to differ materially from expected results. Other factors besides those, however, could also adversely affect us.
We are a leading global supplier of industrial trucks and we are well-positioned to capture growth opportunities in our European home market as well as across global growth regions by leveraging our leading market positions, our global sales and service network, our comprehensive product and service offering, our technological leadership and our multi-brand offerings. We are the largest manufacturer of industrial trucks in Europe and the second largest manufacturer globally in terms of unit sales. Our European market share (including Russia) amounts to approximately 33% in 2011 with a global market share of approximately 15%, and we benefit from an installed fleet of over one million trucks. We are the overall number three competitor and the largest non-domestic player in China, as well as one of the leading industrial truck brands in other important growth markets such as Eastern Europe, Asia and South and Central America. We are the only major global manufacturer focused solely on industrial trucks, and we complement our new truck business with a broad service offering.
We operate through our two global brands, Linde and STILL, and through our four regional brands, Fenwick (France), OM (Italy), Baoli (China and emerging markets) and Voltas (India), as well as 19 separate production sites, including our hydraulics and components business, and more than 1,200 distributors, dealers and other sales outlets in over 100 countries. We offer a full range of products including warehouse and counter-balance trucks with both electric and internal combustion engines, across the premium, value and economy segments.
We complement our products with a comprehensive service offering geared to our customers' specific needs, including after sales service, financial services, fleet management and software solutions. Our service activities are an essential sales support function for our new truck sales business and also generate higher margins as well as more stable revenue on a stand-alone basis. Our production and service activities are complemented by our Linde hydraulics business, which manufactures high-end hydraulic components for use within our products, as well as customized hydraulic components for external customers, across a variety of industries. In 2011, 54% of our revenue was generated from new truck sales, 42% from our service offering and 4% from hydraulics. In Q1/2012, 55% of our revenue was generated from new truck sales, 41% from our service offering and 4% from hydraulics.
We aim to maintain the strong market leadership positions that we have achieved in the European markets by leveraging our strong brands and remaining at the forefront of technological innovation, while increasing the benefits we provide to our customers by growing our service offering. We believe that we can differentiate our products through technological leadership that translates into superior customer benefits. To maintain our technological leadership position, we continue to invest significantly in research and development. Our research and development costs in 2011 were €120 million, or 5% of our new truck and hydraulics sales and 3% of our revenue. We believe this level of investment to be higher than what most of our competitors spent during that period. Our research and development pipeline includes innovations to address major technological trends, including fuel cell drive systems, hybrid trucks, lithium-ion technology and enhanced ergonomics. We strive to continuously broaden the range and increase the quality of the services we offer and develop for our customers, including solutions for fleet management, intra-logistics processes, efficient goods flow management and IT systems. We intend to increase our market share and coverage in our after sales business in particular by targeting our significant installed base. We believe that our full product and service offering increases our value proposition and helps to strengthen customer loyalty.
We intend to exploit our excellent position in important growth markets in order to benefit from the increasing demand in those markets. We plan to continue introducing more tailored products into specific markets including China, India, Brazil and Russia and to strengthen our local product distribution and manufacturing network. We strive to leverage our diverse product portfolio to cover the premium, value and economy segments as the emerging markets continue to grow. We seek to further increase our local product offerings and expand our sales and services network in key growth regions. We aim to achieve this through targeted investments in local manufacturing capacity, product research and development and sales presence. This also includes targeted acquisition of dealers in markets important to us, and, opportunistically, acquisitions of small local or regional manufacturers. Our joint venture with Voltas Material Handling, gives us a good entry to the economy segment of the Indian material handling market. The Indian market for material handling is still one of the most underdeveloped among the major growth countries, and thus holds a lot of growth potential. The combined strengths of Voltas, with its good market reputation and long-standing experience in India, coupled with our know-how in material handling, will provide the starting point to participate in that growth.
We leverage our multi-brand strategy, with our Linde, Fenwick, STILL, OM, Baoli and Voltas brands, to reach a wide range of regions and customers as well as the economy, value and premium market segments. We believe that this results in increased sales due to our ability to better address customer needs in their specific locations. For example, in order to be able to realize the potential of the important growth markets of Asia and South and Central America, which generally have lower technological requirements and are more price sensitive, we added Baoli, a local Chinese manufacturer, to our group as a fifth brand in 2009, to focus on the economy segment in China and also to leverage this product offering in other markets. In 2011, we added the Voltas brand to increase our presence in the Indian market. We will continue to explore selected external growth opportunities and seek to maximize our growth potential by utilizing the different strengths of our six brands, allowing us to present multiple options to our competitors, thereby increasing our overall market share. This effort will be assisted by the continued exploitation of our existing service network in order to drive new truck sales and after sales revenue.
We strive to approach the market through our separate brands, maximizing our potential market share, while simultaneously working across our brands to achieve synergies and reduce costs in operations by implementing best practices throughout our group. While historically the various entities were largely managed separately, we are now focused on exploiting group-wide synergies while maintaining the distinctive identities of our brands. For example, our quality and production controls and logistics units are now managed by a central operations team in order to create uniform standards and make expertise available across our group. In addition, we plan to continue improving our production footprint across the group. We are able to efficiently manage resources through a shared procurement organization and a joint research and development unit which enables the bundling of resources and more efficient capacity utilisation, while still maintaining independent brand support where appropriate. We will continue to optimize our systems and processes, and we are also in the process of implementing and running standardized IT systems and platforms in order to continue to improve margins.
We are the leading European industrial truck manufacturer with a market share of approximately 33% in 2011. Our position is particularly strong in Western Europe, where, in 2011, we commanded market shares in excess of 40% in both Germany and France. We believe that our strong product offering, our customer relationships, our dense sales and service network, and our significant installed base of trucks provide us with an excellent platform to capture future demand in the European markets. The market in which we operate is large and has seen historic growth at rates exceeding world GDP growth rates. In general, much of the demand in our core European market is driven by replacement demand with underlying growth supported by globalization and world trade.
We have a strong presence in many emerging markets. Approximately 30% of our new trucks were sold to growth markets in 2011, mainly in China, Brazil and Eastern Europe. We are in a leading market position in Eastern Europe and Brazil with approximately 21% and 23% market share in 2011, respectively, in these markets. Additionally, we are the largest non-domestic manufacturer of industrial trucks in China. In 2011, we significantly strengthened our position in India by establishing a joint venture with Voltas. This joint venture allows us to capture significant market share in an early stage of the development of the Indian market. We believe that our position in these emerging economies will allow us to capture additional sales volumes as these markets continue to grow. In addition, given our access to premium product offerings across all truck types and our service know-how derived from our strong market position in Europe, we believe that we are well positioned to benefit as these markets mature and demand shifts towards premium products and services that not all local players may be able to provide.
We operate our business through a multi-brand strategy, allowing us to strategically position ourselves across a wide range of products, geographies, regions and customer preferences. Our global Linde and STILL brands, as well as our regional Fenwick, OM, Baoli and Voltas brands, benefit from significant customer recognition and loyalty. We leverage our multi-brand platform to reach a wide range of regions and customers, as well as the economy, value and premium market segments. We believe that this enhances our position by better addressing customer needs in their specific locations.
We offer a complete product range of new industrial trucks, from small low-lift pallet trucks up to 46 ton container handlers, as well as maintenance and repair services, comprehensive fleet management solutions and financial solutions. This comprehensive product offering is important to our premium customers, who seek a full product line, including services, in selecting an industrial truck manufacturer. Our customers are highly diversified by end markets and by geography. China is our third biggest market behind Germany and France in terms of new trucks sold in units, and Brazil is our sixth biggest market. Our top ten customers for the KION Group only represented 6% of our total revenue in 2011.
In 2011, we generated 42% of our revenue from our service offering, including 24% from our after sales business, which includes maintenance and spare parts. This revenue stream, which produces higher margins than our new truck sales, has historically been less volatile than new truck sales. Accordingly, our significant activities in this area somewhat reduce the overall volatility of our revenues. Our comprehensive after sales service offering benefits from our installed base of over a million trucks worldwide and is complemented by our network of over 1,200 sales and service locations in over 100 countries with more than 7,000 service employees globally, allowing us to remain close to our customers. Customer proximity is particular important from a service perspective as many customers use our products in mission critical applications, in many instances for up to twenty-four hours a day, and require very short response times by service technicians. We believe that our dense network represents a significant competitive advantage over competitors that do not have such networks and would need to invest heavily to develop them. This is particularly true for competitors who are focused on new truck sales.
We are at the technological forefront of the IC truck and E truck segments, and have a leading technological position in warehouse trucks. LMH is a technological leader with its highly efficient and reliable hydrostatic drive, while STILL is well positioned in hybrid technology with its diesel-electric drive. We are committed to investing in products in line with major trends in the industry and are leading in hybrid technology, lithium-ion technology, fuel cells, ergonomics and safety. All of our brands benefit from our large research and development platform that allows us to make research results available across the group, while simultaneously addressing the specific needs of our brands in terms of technology and brand differentiation. We believe that as a result of our technological superiority, the total cost of ownership of specific Linde IC trucks is significantly lower than that of many other trucks.
We constantly search for and implement programs to increase our efficiency and drive our margins. Since 2006, we have implemented a number of restructuring and cost savings measures, including temporary measures. Measures we have implemented include the closure of our former manufacturing site in Basingstoke and the downsizing of two further sites in Germany. In addition, we have strengthened our OM brand and sales network in Italy by leveraging the existing STILL product portfolio. These measures have significantly improved our structural cost base. We continue to implement a number of further operational improvements, such as common production standards, consolidation of our product portfolio, design-to-cost initiatives and supplier management, and also continue to consider further relocation plans, such as the closure of our plants in Bari, Italy and Montataire, France. These measures, together with the inherent operating leverage, offer the potential for significant profit improvement as our revenues increase.
Our senior management team has extensive experience across our industry and has an excellent track record in the execution of our growth strategy, in restructuring and redesigning our business and in delivering efficiencies and significant synergies across our group. Through our optimized and streamlined structures and processes implemented by our senior management team, we believe we are in a strong position to compete in the market.
The following diagram summarizes certain aspects of our corporate structure.
Our principal shareholders include Goldman Sachs Capital Partners, investment partnerships controlled by Goldman, Sachs & Co. and certain of its affiliates, and investment partnerships controlled by KKR & Co. L.P. and certain of its affiliates. Since 1986, Goldman Sachs, through its Merchant Banking Division, has raised over \$82 billion of capital for corporate investments through 16 investment vehicles (including equity, mezzanine, senior secured loan and distressed funds) (together "GS Funds").
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platforms. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR's website at www.kkr.com.
In February 2012 we purchased the remaining 51% shares in Linde Creighton Ltd., our UK dealer, and today own 100% of the company. From 1 March 2012 on, Linde Creighton Ltd. has been consolidated in our Group financial statements. In the past 12 months, Linde Material Handling (UK) Ltd. has also acquired the outstanding shares in Linde Sterling Ltd. and Linde Castle Ltd., and consequently, Linde Material (UK) Ltd. is now 100% owner of all its trading companies throughout the United Kingdom, having previously acquired 100% of Linde Trifik Ltd. in 2006. These acquisitions have further strengthened the service business of the Linde brand in the United Kingdom.
The KION Group is continuing to implement long-term structural and efficiency measures which include a further consolidation of our European production facilities by concentrating production in high volume plants in order to optimize the capacity utilisation levels in our European production facilities. Having finalized the consultation process the transfer of warehouse truck production from Montataire, France, to Luzzara, Italy, has been started. Production of counterbalance trucks of STILL and OM STILL brands has been concentrated in Hamburg, Germany, and the plant in Bari, Italy, is currently being closed. KION Group is actively searching for external re-industrialization opportunities by third party companies.
In April 2012, KION Group expanded its presence in the Asian material-handling market by setting up a new sales and services entity, KION South Asia, in Singapore. The increasing economic output of the region coupled with rising domestic consumption are pushing up demand for intralogistics, creating excellent growth prospects for KION's Linde, STILL and Baoli brands. As part of KION Asia, KION South Asia will help the Linde, STILL and Baoli brands to offer solutions tailored to the individual needs of their customers in the region, thereby contributing to the success of KION's global multibrand strategy.
In contrast to the moderate international economic environment, the global industrial truck market remained stable at 247,000 units in Q1/2012 – the same high level seen in the prior year period. This also marked an increase of 4% over Q4/2011 and potentially demonstrated some improvement in the market since the start of the year. However, developments in regional markets, especially in Europe, remained very different. The North American market enjoyed continued growth of 13% and markets in Eastern Europe were up by 5%. Overall demand in Western Europe declined by 5%, whereas markets in Germany and United Kingdom showed solid improvements compared to the same period last year. The Chinese market slightly declined from 64,000 units in Q1/2011 to 61,000 units in Q1/2012.
| Global Industrial Truck Market (order intake) | |||
|---|---|---|---|
| Q1 | Q1 | ||
| in thousand units | 2012 | 2011 | Change |
| WEU | 72 | 76 | -5.3% |
| EEU | 14 | 13 | 4.7% |
| China | 61 | 64 | -5.2% |
| Rest of Asia | 37 | 34 | 10.7% |
| North America | 42 | 37 | 12.8% |
| South & Central America | 11 | 14 | -20.8% |
| Rest of World | 10 | 9 | 12.3% |
| Total | 247 | 247 | -0.1% |
Source: WITS / FEM
The KION Group showed resilience in a market environment of moderate growth and grew order intake in the new truck business from 36,600 units in Q1/2011 by 7% to 39,100 units in Q1/2012. Growth was promoted by strong performances in Germany and UK as well as Eastern Europe and China. Our new truck order intake especially benefited from demand for E and IC trucks. In addition to our new truck business, all other service lines including after sales, rental and used truck business improved substantially. Total order intake which includes all lines of business grew by 4% to € 1,207 million compared to last years' period. Group revenue in the same period increased by nearly 13% to €1,144 million. Our order book grew to €984 million.
| KION Group key figures | |||
|---|---|---|---|
| Q1 Q1 € million 2012 2011 |
Q1 Change 2012 |
Q1 2011 |
Change |
| Order intake -1,146 -686 |
-67.0% 1,207 |
1,157 | 4.3% |
| Revenue -968 -596 |
-62.4% 1,144 |
1,016 | 12.6% |
| EBIT -68 86 |
<-100% 91 |
60 | 51.2% |
| Adjusted EBIT -74 51 |
<-100% 101 |
75 | 35.9% |
| EBITDA -146 -2 |
<-100% 174 |
141 | 23.1% |
| Adjusted EBITDA -146 -34 |
<-100% 176 |
149 | 18.3% |
| Free cash flow -94 64 |
<-100% -74 |
46 | <-100% |
| EBIT Margin (Adj.) 7.6% -8.5% |
- 8.9% |
7.3% | - |
| EBITDA Margin (Adj.) 15.1% 5.7% |
- 15.4% |
14.6% | - |
EBIT is defined as net profit (loss) before financial income, financial expense, and income taxes. EBITDA is defined as EBIT before depreciation, amortization and impairment charges. EBIT and EBITDA reflect the impact of earnings or charges resulting from matters that we do not consider to be indicative of our ongoing operations. Therefore, we also present Adjusted EBIT and Adjusted EBITDA. In calculating Adjusted EBIT and Adjusted EBITDA, we add back costs that we believe are not indicative of the ongoing operations or those that may impact the comparability of financial information year on year or do not impact our ability to service our debt (referred to as ''Non-recurring Items''). Adjusted EBIT is defined as EBIT after applying adjustments to eliminate certain Non-recurring Items and KION acquisition items. Adjusted EBITDA is defined as EBITDA after applying adjustments to eliminate certain Non-recurring Items and KION acquisition items. Additionally, since Q2/2011 we are adjusting the effects of the remeasurement of purchase price obligations in accordance with IAS 39 in connection with the acquisition of outstanding shares in UK Dealers. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA are not financial measures calculated in accordance with IFRS. Accordingly, they should not be considered as alternatives to net income or operating income as indicators of our performance, or as alternatives to operating cash flows as a measure of our liquidity. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA are used by our management to make decisions about our operations unaffected by the above factors. In addition, we believe that EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA are measures commonly used by investors. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA, as presented in this Quarterly Bond Report, may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.
| Condensed statement of income of the KION Group | |||
|---|---|---|---|
| Q1 Q1 |
Q1 | Q1 | |
| € million 2012 2011 |
Change 2012 |
2011 | Change |
| Revenue -968 -596 |
-62.4% 1,144 |
1,016 | 12.6% |
| Cost of sales 714 503 |
41.9% -825 |
-742 | -11.1% |
| Gross profit -254 -92 |
<-100% 320 |
274 | 16.8% |
| Selling expenses 124 89 |
38.8% -137 |
-129 | -5.6% |
| Research and development costs 23 23 |
0.7% -33 |
-27 | -20.8% |
| Administrative expenses 63 69 |
-9.0% -70 |
-62 | -13.2% |
| Other -24 -3 |
<-100% 11 |
5 | >100% |
| Earnings before interest and taxes (EBIT) -68 86 |
<-100% 91 |
60 | 51.2% |
| Net finance cost 62 119 |
-47.4% -52 |
-49 | -5.8% |
| Earnings before taxes -5 205 |
<-100% 39 |
11 | >100% |
| Income taxes 17 -33 |
>100% -23 |
-15 | -53.3% |
| Net income (+) / loss (-) for the period 12 172 |
-93.0% 16 |
-4 | >100% |
Our revenue growth can be broken down by product category as follows:
| Revenue by product category | |||
|---|---|---|---|
| Q1 | Q1 | ||
| € million | 2012 | 2011 | Change |
| New business | 624 | 540 | 15.5% |
| Hydraulics | 49 | 39 | 24.5% |
| Service offering | 472 | 437 | 8.0% |
| - After sales | 284 | 259 | 9.7% |
| - Rental business | 108 | 105 | 2.6% |
| - Used trucks | 53 | 50 | 6.6% |
| - Other | 27 | 23 | 16.4% |
| Total revenue | 1,144 | 1,016 | 12.6% |
Notwithstanding the moderate economic environment in the markets that are most important to our business such as Germany, France, China, Brazil and Eastern Europe, we outperformed the market development in the new truck business in Q1/2012. In addition, the increased truck utilisation levels accelerated the replacement cycle and had a positive impact on demand for our service offering. The total value of our order intake for new trucks, service offering and hydraulics increased on a year-overyear basis by 4% to €1,207 million for Q1/2012, compared to €1,157 million for Q1/2011.
The overall higher order intake in Q1/2012 had a positive impact on our revenue, which grew by 13%, or €128 million, to €1,144 million, compared to €1,016 million in Q1/2011. This increase was visible in the business segments, LMH and STILL and across all product categories. The new truck business reported a strong revenue growth of 16%, from €540 million in Q1/2011 to €624 million in Q1/2012, making it our most important revenue driver in absolute value in Q1/2012. Hydraulics performed strongly generating a 25% increase to €49 million in Q1/2012. Our service offering accounted for revenue of €472 million in Q1/2012, compared to revenue of €437 million in Q1/2011, which is an increase of 8%. The growing number of our trucks in the market and higher capacity utilisation levels led to a higher demand for services and spare parts. We have also experienced higher demand for rental and used trucks. Revenue in the 'Other' category, which includes advisory services, IT solutions and warehouse technology systems increased by 16% to €27 million in Q1/2012.
The cost of sales increased by 11% to €825 million in Q1/2012, from €742 million in Q1/2011. Compared to our 13% revenue growth, our cost of sales rose at a lower rate. This is mainly due to efficiency gains in production, higher overall capacity utilisation, and improvements in revenue across all product categories.
Our gross profit rose by 17% to €320 million in Q1/2012, from €274 million in Q1/2011. This was caused by a lower rate of increase of our cost of sales in Q1/2012 compared to our revenue growth in Q1/2012. This positive development is due to the continued improvement in our capacity utilisation, production efficiency gains and better operating performance across all product categories. Consequently, gross margin rose from 27% in Q1/2011 to 28% in Q1/2012.
Our selling expenses increased by €7 million, or 6%, to €137 million in Q1/2012, from €129 million in Q1/2011 due to the improved sales performance and related direct selling expenses. Selling expenses as a percentage of revenue decreased from 13% in Q1/2011 to 12% in Q1/2012 and was disproportionately low compared with revenue growth.
In Q1/2012, our research and development expenses amounted to €33 million. In Q1/2011, research and development expenses amounted to €27 million. This 21% increase was mainly related to research and development of new products, new facelifts of existing products and other new technologies, including hybrid IC technology.
Our general and administrative expenses increased by 13% to €70 million in Q1/2012 compared to Q1/2011. As a percentage of our revenue, our administrative expenses were 6% in Q1/2012 and Q1/2011, both.
Other income and expense primarily consist of gains and losses related to foreign exchange rate differences resulting from the measurement of financial assets and receivables denominated in a foreign currency. Additionally, gains and losses related to the sale, disposal or impairment of longlived assets as well as profit from the release of deferred lease profits are included. Our other income and expense amounted to €6 million in Q1/2012 and remained approximately stable, compared to €5 million in Q1/2011.
Profit from equity investments consists of all gains and losses that we realize on associates and joint ventures that we account for under the equity method and for which we have no controlling interest. The profit from equity investments amounted to €5 million in Q1/2012 and approximately nil in the prior year period. As a result of the remeasurement of the existing shares owned by KION (49 per cent) in our UK dealer Linde Creighton Ltd. which were held prior to the acquisition of the remaining 51 per cent on 28 February 2012, €5 million was recognized in the income statement as a Non-recurring Item and reported as profit from equity investments. Other financial results amounted to €1 million in Q1/2012 compared to approximately nil in Q1/2011.
The following tables show the adjustments to calculate Adjusted EBIT and Adjusted EBITDA:
| Adjusted EBIT | |||
|---|---|---|---|
| Q1 Q1 |
Q1 | Q1 | |
| € million 2012 2011 |
Change 2012 |
2011 | Change |
| Net income (+) / loss (-) for the period 12 172 |
-93.0% 16 |
-4 | >100% |
| Income taxes 17 -33 |
>100% -23 |
-15 | -53.3% |
| Financial result 62 119 |
-47.4% -52 |
-49 | -5.8% |
| EBIT -68 86 |
<-100% 91 |
60 | 51.2% |
| + Non-recurring items 2 -30 |
>100% 2 |
6 | -74.4% |
| + KION acquisition items -8 -6 |
-46.3% 9 |
8 | 5.8% |
| = Adjusted EBIT -74 51 |
<-100% 101 |
75 | 35.9% |
| Adjusted EBITDA | |||
|---|---|---|---|
| Q1 Q1 |
Q1 | Q1 | |
| € million 2012 2011 Change |
2012 | 2011 | Change |
| <-100% EBIT -68 86 |
91 | 60 | 51.2% |
| 11.7% Amortization and depreciation¹ -78 -89 |
83 | 81 | 2.3% |
| EBITDA -146 -2 <-100% |
174 | 141 | 23.1% |
| >100% + Non-recurring items 2 -30 |
1 | 6 | -75.9% |
| + KION acquisition items -2 -1 -61.3% |
0 | 1 | -73.6% |
| <-100% = Adjusted EBITDA -146 -34 |
176 | 149 | 18.3% |
1Amortization and depreciation includes amortization, depreciation and impairment of assets
Our EBIT amounted to €91 million in Q1/2012, compared to €60 million in Q1/2011. This €31 million increase is primarily a result of a further positive revenue increase in the major developed markets and the positive revenue increase in our target growth regions of China and Eastern Europe, as well as improved capacity utilisation levels both in our new truck business and our hydraulic components business. Our Adjusted EBIT, which excludes Non-recurring Items and KION acquisition items, increased by €27 million to €101 million in Q1/2012. The increased Adjusted EBIT corresponds to an Adjusted EBIT Margin of 8.9% in Q1/2012, which was impacted by a strong operating performance and better capacity utilisation due to our successful restructuring programme. This includes among other measures the closure of the plant in Basingstoke, United Kingdom as well as the downsizing of our plants in Reutlingen, Germany and Kahl, Germany. In Q1/2012, Non-recurring Items in total amounted to negative €2 million, driven by restructuring expenses and consulting fees. The Nonrecurring Items include a gain of €5 million due to the remeasurement of shares, representing a 49 per cent ownership in Linde Creighton Ltd., which were held prior to the acquisition of the remaining shares on 28 February 2012. Additionally, in Q1/2012 we sold property due to the closure of the plant in Basingstoke, United Kingdom, with a positive impact of €3 million. In Q1/2011 EBIT included Nonrecurring Items of negative €6 million, which were mainly driven by relocation costs, severance payments and general headcount reductions.
The KION acquisition items had a negative impact of €9 million in Q1/2012, compared to €8 million in Q1/2011. These effects of the purchase price allocation in connection with the KION acquisition primarily include depreciation, amortization and impairment as well as administration charges for KION Holding 1 GmbH.
We achieved an Adjusted EBITDA of €176 million and an Adjusted EBITDA margin of 15.4% compared to an Adjusted EBITDA of €149 million and an Adjusted EBITDA margin of 14.6% in Q1/2011. Depreciation, amortization and impairment charges increased from €81 million in Q1/2011 to €83 million in Q1/2012.
Net finance cost increased by €3 million from €49 million in Q1/2011 to €52 million in Q1/2012. This increase is mainly due to the corporate bond issued in April 2011. While the interest expense from loans (including interest rate derivatives) decreased in Q1/2011 from €37 million to €31 million in Q1/2012 the interest expense from the corporate bond amounted to €9 million compared to nil in Q1/2011. The net foreign currency exchange rate gains (including gains and losses on hedging instruments) remained relatively stable at €7 million in Q1/2012, compared to €6 million in Q1/2011.
In Q1/2012, we reported a net income tax expense of €23 million, compared to a net tax expense of €15 million in Q1/2011. Driven by the increased earnings before taxes, the current income tax expense increased by €7 million to €20 million in Q1/2012 compared to a current income tax expense of €13 million in Q1/2011. Despite the positive results of operations, management's previous estimate of the possibility to utilize unused tax losses in future profitable years has not changed and, thus, previously unrecognized deferred tax assets were not recognized. Net deferred income tax expense remained relatively stable at €3 million, compared to a net deferred tax expense of €2 million in the corresponding prior year period.
In Q1/2012 we reported a net income of €16 million, compared to a net loss of €4 million in Q1/2011. This increase of €20 million was mainly driven by the higher EBIT of €31 million and partially offset by an increase of net finance cost of €3 million and by an €8 million increase in income tax expense as described above.
| 31/12/2011 in (%) |
∆ in % |
|---|---|
| 4,160 68.6% |
-0.4% |
| 1,538 25.4% |
0.2% |
| 594 9.8% |
0.0% |
| 262 4.3% |
-5.8% |
| 540 8.9% |
0.4% |
| 243 4.0% |
0.7% |
| 1,906 31.4% |
2.2% |
| 625 10.3% |
10.5% |
| 677 11.2% |
4.0% |
| 118 2.0% |
1.6% |
| 373 6.2% |
-19.2% |
| 6,066 | 0.4% |
Total assets increased by €26 million from €6,066 million as of 31 December 2011 to €6,093 million as of 31 March 2012. Mainly due to the higher EBIT in Q1/2012 and the utilisation of existing deferred tax assets, the non-current assets decreased by €15 million. Current assets increased by €41 million from €1,906 million to €1,947 million. With the higher revenues realised in Q1/2012 trade receivables increased by €27 million, inventories by €66 million and sales tax receivables by €11 million compared to 31 December 2011. Other current assets decreased by €52 million and included a decrease of €72 million in cash and cash equivalents and an increase of €11 million in the sales tax receivables due to higher revenues.
Trade working capital, defined as inventories and trade receivables less trade payables, increased from €668 million as of 31 December 2011 to €775 million as of 31 March 2012. This increase of 16% was driven by higher volume as well as by higher inventories and trade receivables at the end of the reporting period.
With negative €487 million as of 31 March 2012 our equity remained relatively stable compared to €488 as of 31 December 2011. The net income for the period amounted to €16 million. Other comprehensive income (loss) recognized in equity changed by €15 million mainly due to changes in the defined benefit obligation and related assets in accordance with IAS 19.
As of 31 March 2012 cash and cash equivalents amounted to €302 million compared to €373 million as of 31 December 2011, which was mainly related to business operations including tax and interest payments and the investment in 51 per cent of the outstanding shares in our UK dealer Linde Creighton Ltd.
| € million | 31/03/2012 | in (%) | 31/12/2011 | in (%) | ∆ in % |
|---|---|---|---|---|---|
| Equity | -487 | -8.0% | -488 | -8.0% | 0.1% |
| Non-current liabilities | 4,846 | 79.5% | 4,842 | 79.8% | 0.1% |
| thereof: | |||||
| Shareholder loan | 650 | 10.7% | 643 | 10.6% | 1.1% |
| Corporate bond | 488 | 8.0% | 488 | 8.0% | 0.1% |
| Financial liabilities | 2,281 | 37.4% | 2,290 | 37.7% | -0.4% |
| Deferred tax liabilities | 321 | 5.3% | 339 | 5.6% | -5.3% |
| Lease liabilities | 466 | 7.7% | 471 | 7.8% | -1.0% |
| Current liabilities | 1,734 | 28.5% | 1,711 | 28.2% | 1.3% |
| thereof: | |||||
| Financial liabilities | 247 | 4.1% | 227 | 3.7% | 8.7% |
| Trade payables | 620 | 10.2% | 634 | 10.5% | -2.2% |
| Lease liabilities | 229 | 3.8% | 230 | 3.8% | -0.5% |
| Total equity and liabilities | 6,093 | 6,066 | 0.4% |
As of 31 March 2012 financial debt amounted to €3,043 million, an increase of €13 million compared to 31 December 2011. From 31 December 2011 to 31 March 2012 the exchange rate between US Dollar and Euro changed by 3% (from 1.2957 to 1.3354). For the US Dollar denominated debt of our senior facilities agreement this change had a positive effect of €18 million, which resulted in a decrease of our debt position. The PIK related part of the loans under the senior facilities agreement increased financial debt. The amount for capitalized interests in the first quarter was €7 million. Additionally, net proceeds from borrowings under the senior facilities agreement and other capital borrowings amounted to €24 million between 31 December 2011 and 31 March 2012.
As of 31 March 2012 net financial debt amounted to €2,741 million. For the period from 31 December 2011 to 31 March 2012 net financial debt increased by €84 million. In the first quarter the cash outflow from operating activities and investing activities was €74 million in total. The foreign exchange rate impact on the US Dollar loan tranches was positive. The major outflows from financing activities were interest payments.
| Net financial debt | |||
|---|---|---|---|
| € million | 31/03/2012 | 31/12/2011 | Change |
| Corporate bond - fixed rate (2011/2018) - gross | 325 | 325 | - |
| Corporate bond - floating rate (2011/2018) - gross | 175 | 175 | - |
| Liabilities to banks (gross) | 2,543 | 2,530 | 0.5% |
| Financial debt | 3,043 | 3,030 | 0.4% |
| ./. Cash and cash equivalents | 302 | 373 | -19.2% |
| Net financial debt | 2,741 | 2,657 | 3.2% |
| ./. Capitalized borrowing costs | 31 | 33 | -6.3% |
| Net financial debt after borrowing costs | 2,711 | 2,624 | 3.3% |
| Financial debt after borrowing costs | 3,012 | 2,997 | 0.5% |
| Shareholder loan | 650 | 643 | 1.1% |
The shareholder loan increased by €7 million reflecting accrued interest for the first quarter of 2012. Our leased assets as well as our lease receivables and payables (current/non-current) accounted mainly in connection with our Financial Services business increased slightly by €1 million as of 31 March 2012.
| Condensed cash flow statement | |||
|---|---|---|---|
| Q1 Q1 |
Q1 | Q1 | |
| € million 2012 2011 Change |
2012 | 2011 | Change |
| <-100% EBIT -68 86 |
91 | 60 | 51.2% |
| <-100% Cash flow from operating activities -133 32 |
-46 | 66 | <-100% |
| 20.7% Cash flow from investing activities 40 33 |
-28 | -20 | -38.1% |
| Free cash flow -94 65 <-100% |
-74 | 46 | <-100% |
| >100% Cash flow from financing activities 114 15 |
1 | -41 | >100% |
| >100% Currency effects on cash 2 -4 |
1 | -1 | >100% |
| Change in cash and cash equivalents 22 75 -70.0% |
-72 | 4 | <-100% |
| Net financial debt¹ 2,741 2,600 5.4% |
2,741 | 2,600 | 5.4% |
¹ Before borrowing costs
Cash flow from operating activities includes all cash generated from operations and also reflects cash paid for taxes. In Q1/2012, the cash flow from operating activities amounted to a net outflow of €46 million, compared to a net inflow of €66 million in Q1/2011. This was driven by the temporary increase in trade working capital as a result of the expanded trading activity. The payment for income taxes rose to €11 million compared to €6 million in Q1/2011 due to positive earnings in Q1/2012.
Our cash flow from investing activities amounted to a net outflow of €28 million in Q1/2012, compared to a net outflow of €20 million in Q1/2011. This increase was due to capital expenditure and cash payments for acquisitions, mainly due to the acquisition of the 51 per cent of remaining shares of Linde Creighton Ltd. in the UK. Cash receipts from the disposal of non-current assets were €7 million in Q1/2012 compared to €1 million in Q1/2011, mainly due to the sale of property in Basingstoke, UK.
In Q1/2012, free cash flow, defined as cash flow from operating activities less cash flow from investing activities, decreased by €119 million to a cash outflow of €74 million, compared to a cash inflow of €46 million in Q1/2011.
Cash flow from financing activities amounted to a total net cash inflow of €1 million in Q1/2012, compared to a net cash outflow of €41 million in Q1/2011. In March 2012, we received an additional €5 million as previously unfunded commitments under the Multi-Currency Revolving Credit Facility.The main driver was proceeds from additional credit lines with local banks and resulted in cash inflows of €18 million in Q1/2012 compared to cash outflows of €11 million due to repayments in the prior year period. Interest payments also declined by €6 million to €23 million in Q1/2012 compared to €29 million in Q1/2011 due to the terms of interest payments of our corporate bond. Interests on the fixed rate notes will be payable semi-annually and quarterly for the floating rate notes, and have the next payment date for both on 15 April 2012.
All segment data provided is before consolidation effects which reflect cross-segment revenue, internal deliveries of inventories, income from investments and other cost transfers.
All segments showed a solid performance in their markets. The LMH segment which includes the brands Linde, Fenwick and Baoli grew its order intake by 9% to 25,500 units (Q1/2011: 23,400 units). STILL had a slight decline in global order intake of 1% to 13,100 units (Q1/2011: 13,200 units) mainly influenced by market conditions in Italy and an overall weaker demand for warehouse trucks. Additionally, the planned relocation of product lines as part of the footprint project led to minor disruptions in the production process. Total order intake on a value base, which includes all lines of business, grew for LMH by 6% to €812 million (Q1/2011: €768 million). The order intake for STILL fell by 4% from €447 million in the previous year period to €429 million in Q1/2012.
The following table shows all major key figures by segments as a percentage of the KION Group in total:
| Overview segments on a quarterly basis | ||||
|---|---|---|---|---|
| Q1 Q1 |
Q1 | % | Q1 | % |
| 2012 % of total 2011 % of total € million |
2012 | of total | 2011 | of total |
| Order intake | ||||
| LMH -758 66.2% -418 60.9% |
812 | 67.3% | 768 | 66.4% |
| STILL -455 39.7% -286 41.8% Other/Consolidation 68 -5.9% 18 -2.6% |
429 -35 |
35.6% -2.9% |
447 -58 |
38.6% -5.0% |
| Total order intake -1,146 100.0% -686 100.0% |
1,207 | 100.0% | 1,157 | 100.0% |
| Revenue | ||||
| LMH -613 63.3% -361 60.6% |
774 | 67.6% | 661 | 65.1% |
| STILL -403 41.6% -249 41.8% |
412 | 36.0% | 400 | 39.3% |
| Other/Consolidation 48 -5.0% 15 -2.5% |
-42 | -3.7% | -45 | -4.4% |
| Total revenue -968 100.0% -596 100.0% |
1,144 | 100.0% | 1,016 | 100.0% |
| EBIT | ||||
| LMH -62 91.6% 39 45.1% |
79 | 87.0% | 53 | 87.3% |
| STILL -17 24.9% 38 44.3% |
20 | 22.1% | 15 | 24.8% |
| Other/Consolidation 11 -16.5% 9 10.6% |
-8 | -9.1% | -7 | -12.1% |
| Total EBIT -68 100.0% 86 100.0% |
91 | 100.0% | 60 | 100.0% |
| EBITDA | ||||
| LMH -109 74.7% -15 623.6% |
129 | 74.4% | 102 | 71.9% |
| STILL -44 30.5% 9 -344.7% |
49 | 28.0% | 43 | 30.5% |
| Other/Consolidation 8 -5.2% 4 -178.9% |
-4 | -2.4% | -3 | -2.5% |
| Total EBITDA -146 100.0% -2 100.0% |
174 | 100.0% | 141 | 100.0% |
| Adjusted EBIT | ||||
| LMH -61 82.8% 20 38.7% STILL -19 25.3% 26 51.6% |
81 26 |
79.6% 25.6% |
61 19 |
81.2% 25.4% |
| Other/Consolidation 6 -8.0% 5 9.7% |
-5 | -5.2% | -5 | -6.6% |
| Total adjusted EBIT -74 100.0% 51 100.0% |
101 | 100.0% | 75 | 100.0% |
| Adjusted EBITDA | ||||
| LMH -103 70.6% -30 89.7% |
124 | 70.4% | 104 | 69.7% |
| STILL -45 31.0% -4 11.0% |
53 | 30.2% | 46 | 31.0% |
| Other/Consolidation 2 -1.6% 0 -0.7% |
-1 | -0.6% | -1 | -0.7% |
| Total adjusted EBITDA -146 100.0% -34 100.0% |
176 | 100.0% | 149 | 100.0% |
The LMH segment increased its revenue by 17%, from €661 million in Q1/2011 to €774 million in Q1/2012. High demand for LMH's offerings applied to the new truck business as well as the service offering, including spare parts. LMH segment's revenue benefited from the sustained growth in the German market and additionally from the growth in Asia and Eastern Europe.
In Q1/2012, EBIT increased by €27 million to €79 million due to a strong demand for new trucks, services and spare parts from the LMH segment and to a strong performance from hydraulics. In Q1/2012, EBIT was impacted by Non-recurring Items of positive €6 million, compared to negative €2 million in Q1/2011. As a result of the remeasurement of the equity investment (49 per cent) in our UK dealer Linde Creighton Ltd. on the date of acquisition of the remaining 51 per cent of outstanding shares end of February 2012, positive €5 million were recognized in the income statement as a Nonrecurring Item. Additionally we sold in Q1/2012 property due to the closure of the plant in Basingstoke, UK, with a positive result of €3 million. In Q1/2011 Non-recurring Items mainly related to relocation costs and severance payments as part of the KIARA Restructuring Program.
Due to the strong operating performance of the LMH segment, Adjusted EBIT increased by €20 million to €81 million in Q1/2012, compared to €61 million in Q1/2011. Adjusted EBIT Margin grew from 9.2% in Q1/2011 to 10.4% in Q1/2012. Adding back depreciation, amortization and impairment costs, the LMH segment achieved an Adjusted EBITDA of €124 million and an Adjusted EBITDA margin of 16.0%, compared to an Adjusted EBITDA of €104 million and an Adjusted EBITDA margin of 15.7% in Q1/2011.
| Quarterly information - LMH - | |||
|---|---|---|---|
| Q1 Q1 |
Q1 | Q1 | |
| € million 2012 2011 |
Change 2012 |
2011 | Change |
| Order intake -758 -418 |
-81.6% 812 |
768 | 5.8% |
| Revenue -613 -361 |
-69.7% 774 |
661 | 17.0% |
| EBIT -62 39 |
<-100% 79 |
53 | 50.7% |
| Adjusted EBIT -61 20 |
<-100% 81 |
61 | 33.2% |
| EBITDA -109 -15 |
<-100% 129 |
102 | 27.4% |
| Adjusted EBITDA -103 -30 |
<-100% 124 |
104 | 19.5% |
| EBIT Margin (Adj.) 10.0% -5.4% |
- 10.4% |
9.2% | - |
| EBITDA Margin (Adj.) 16.8% 8.4% |
- 16.0% |
15.7% | - |
Order intake decreased by 3.9% to €429 million in Q1/2012 due to minor disruptions caused by the planned product relocation as part of the footprint project. Revenue increased by 3.2% to €412 million in Q1/2012 compared to €400 million in Q1/2011 driven by a strong performance in the German market and growth in the Eastern European countries and Brazil.
STILL segment's EBIT increased by €5 million to €20 million in Q1/2012 due to improved general market conditions. In Q1/2012, EBIT was impacted by Non-recurring Items of €4 million, mainly due to restructuring expenses relating to the closure of our plants in Bari, Italy, and Montataire, France, and the relocation of the related products to our existing facilities in Luzzara, Italy; and Hamburg, Germany. Non-recurring Items for Q1/2011 totalling €3 million were mainly related to relocation costs, severance payments and expenses relating to the STILL/OM combination. Adjusted EBIT increased to €26 million, compared to €19 million in Q1/2011. Adding back amortization, depreciation and impairment charges, the STILL segment achieved an Adjusted EBITDA of €53 million and an Adjusted EBITDA margin of 12.9%, compared to an Adjusted EBITDA of €46 million in Q1/2011 and an Adjusted EBITDA margin of 11.5%.
| Quarterly information - STILL - | |||
|---|---|---|---|
| Q1 | Q1 Q1 |
Q1 | |
| € million 2012 |
2011 Change 2012 |
2011 | Change |
| Order intake -455 |
-58.9% -286 429 |
447 | -3.9% |
| Revenue -403 |
-61.7% -249 412 |
400 | 3.2% |
| EBIT -17 |
<-100% 38 20 |
15 | 34.9% |
| Adjusted EBIT -19 |
<-100% 26 26 |
19 | 37.2% |
| EBITDA -44 |
<-100% 9 49 |
43 | 12.7% |
| Adjusted EBITDA -45 |
<-100% -4 53 |
46 | 15.0% |
| EBIT Margin (Adj.) 4.6% |
- -10.5% 6.3% |
4.7% | - |
| EBITDA Margin (Adj.) 11.2% |
- 1.5% 12.9% |
11.5% | - |
The segment Other includes our KION Group IT services, logistics services, our head office and financing companies or financing functions in Germany, France, Spain and the United Kingdom as well as our regional brand, Voltas, in India. The consolidation effects reflect cross-segment revenue, inter-segment sales of inventories, income from investments and other internal cost transfers. Compared to Q1/2011 our new brand Voltas in India contributed to the increase of order intake and revenue.
The segment Other increased its order intake and revenues by 25.3% to €59 million in Q1/2012 from €47 million in Q1/2011. The vast majority of both order intake and revenue was driven by internal services as described above. The other main reason for the increase is the order intake and revenue of our brand Voltas in India. See also the table "Segment Report" under Financial Statements on page 31 and 32.
EBIT in the segment Other amounted to negative €8 million in Q1/2012, compared to negative €7 million in Q1/2011. The Non-recurring Items in Q1/2012 amounted to €3 million compared to €2 million in Q1/2011. In both periods the Non-recurring Items were driven by consulting expenses. Adjusted EBIT amounted to negative €5 million in Q1/2012 compared to negative €4 million in Q1/2011. Segment Other achieved an Adjusted EBITDA of negative €1 million in Q1/2012 and in the corresponding prior year period Q1/2011.
| Quarterly information - Other - | |||
|---|---|---|---|
| Q1 | Q1 Q1 |
Q1 | |
| € million 2012 |
2011 Change 2012 |
2011 | Change |
| Order intake -41 |
-23.9% -33 59 |
47 | 25.3% |
| Revenue -41 |
-23.9% -33 59 |
47 | 25.3% |
| EBIT -12 |
<-100% 6 -8 |
-7 | -18.4% |
| Adjusted EBIT -17 |
<-100% 2 -5 |
-4 | -12.9% |
| EBITDA -15 |
<-100% 2 -4 |
-3 | -30.1% |
| Adjusted EBITDA -20 |
<-100% -3 -1 |
-1 | -33.9% |
The consolidation of inter-segment revenues amounted to €101 million in Q1/2012, compared to €92 million in Q1/2011. The elimination of the inter-segment order intake amounted to €94 million in Q1/2012, compared to €105 million in Q1/2011.
The consolidation of cross-segment EBIT and Adjusted EBIT amounted to approximately nil in the first quarters of 2012 and 2011.
In Q1/2012 we continue to implement long-term structural and efficiency measures going forward. Structural measures are to include additional consolidation of our European production facilities by closing our plants in Bari, Italy, and Montataire, France. The production capacity of these plants would be integrated into our other existing facilities, which we expect would increase our capacity utilisation levels in our European production facilities.
On 28 February 2012, we purchased the remaining 51 per cent of shares in Linde Creighton Ltd., our UK dealer, and today own 100% of the company. From March 2012 onwards, Linde Creighton Ltd. will be consolidated in our Group financial statements.
In the first quarter of 2012 we have pursued the roll-out of our financial services segmentation. For the time being, in addition to our current reporting structure we will continue to include selected voluntary information regarding the results of our financial services segment as an annex to our quarterly reports. This additional reporting excludes our financial services activities from our reporting segments of LMH, STILL and Other, and presents such activities as a separate segment. The new reporting model which has been extended to include the financial services segment is based on the current reporting methodology for our leasing and rental business. Under this reporting framework, our financial services segment acts as an internal finance partner for our operating segments. The financial services segment generates its income from an agreed interest margin resulting from the leasing contracts. Any surplus achieved by the financial services segment above the agreed interest margin is allocated to the operating profit generated by the LMH and STILL segments. The LMH and STILL segments and the financial services segment are reported separately. Transactions between each of the segments are presented on an arm's-length basis. For more information, see section 4.3 of the 2011 Management Report and the respective Note [36].
In Q1/2012 commodity prices evolved in different directions. Whereas oil prices were further up by 13% versus 2011, steel prices were down by 7%, steel bars down by 3%, and aluminium down by 2%. Scrap and copper prices remained flat on 2011 level. In general, approximately 26% of the cost of materials required to manufacture our industrial trucks is directly impacted by commodity price movements, including steel, scrap and copper. Raw material price changes become effective with a time delay and will gradually impact our cost of materials going forward.
In Q1/2012 supply limitations were due to operational and financial problems of very few suppliers in Europe. Those are closely managed by our purchasing organization with our own staff at those suppliers in order to ensure continued supply to KION Group.
Driven by the improvement in business volume, the number of employees increased by 9% to 22,052 employees (Q1/2011: 20,154). This growth in employees also reflects the first time consolidation of Linde Sterling, Voltas, Liftec and a smaller dealer in Italy totalling to more than 600 additional employees.
| Consolidated statement of income | ||
|---|---|---|
| Q1 | Q1 Q1 |
Q1 |
| € thousand 2012 |
2011 2012 |
2011 |
| Revenue -968,129 |
-595,970 1,144,399 |
1,016,190 |
| Cost of sales 714,246 |
503,477 -824,611 |
-742,406 |
| Gross profit -253,883 |
-92,493 319,788 |
273,784 |
| Selling expenses 123,886 |
89,254 -136,606 |
-129,365 |
| Research and development costs 23,455 |
23,296 -33,118 |
-27,422 |
| Administrative expenses 63,019 |
69,283 -70,111 |
-61,945 |
| Other income -27,104 |
-11,679 16,805 |
14,741 |
| Other expenses 9,083 |
11,331 -11,189 |
-9,991 |
| Profit from equity investments -5,645 |
-1,714 4,843 |
0 |
| Other financial result -475 |
-1,151 512 |
343 |
| Earnings before interest and taxes -67,664 |
86,127 90,924 |
60,145 |
| Financial income 40,315 |
94,779 34,193 |
51,587 |
| Financial expense 22,137 |
23,879 -85,792 |
-100,341 |
| Earnings before taxes -5,212 |
204,785 39,325 |
11,391 |
| Income taxes 17,179 |
-32,864 -22,911 |
-14,941 |
| Current taxes 12,079 |
-5,810 -19,907 |
-12,821 |
| Deferred taxes 5,100 |
-27,054 -3,004 |
-2,120 |
| Net income (+) / loss (-) for the period 11,967 |
171,921 16,414 |
-3,550 |
| Attributable to shareholders of KION Holding 1 GmbH 12,487 |
172,282 15,942 |
-3,987 |
| Attributable to non-controlling interests -520 |
-361 472 |
437 |
| Consolidated statement of comprehensive income | ||
|---|---|---|
| Q1 Q1 Q1 |
Q1 | |
| 2012 € thousand |
2011 2012 |
2011 |
| Net income (+) / loss (-) for the period 16,414 |
-3,550 16,414 |
-3,550 |
| Impact of exchange differences -3,853 |
-14,831 -812 |
-14,831 |
| thereof changes in unrealised gains and losses -3,853 |
-14,831 -812 |
-14,831 |
| Gains/losses on employee benefits -10,321 |
-377 -13,362 |
-377 |
| thereof changes in unrealised gains and losses -16,028 |
-1,204 -19,069 |
-1,204 |
| thereof tax effect 5,707 |
827 5,707 |
827 |
| Gains/losses on cash flow hedges -371 |
21,038 -371 |
21,038 |
| thereof changes in unrealised gains and losses 2,432 |
34,714 2,432 |
34,714 |
| thereof realised gains and losses -3,489 |
-5,047 -3,489 |
-5,047 |
| thereof tax effect 686 |
-8,629 686 |
-8,629 |
| Other comprehensive income (+) / loss (-) -14,545 |
5,830 -14,545 |
5,830 |
| Total comprehensive income (+) / loss (-) 1,869 |
2,280 1,869 |
2,280 |
| Comprehensive income (+) / loss (-) | ||
| Attributable to shareholders of KION Holding 1 GmbH 1,397 |
1,843 1,397 |
1,843 |
| Attributable to non-controlling interests 472 |
437 472 |
437 |
| ASSETS | ||
|---|---|---|
| € thousand | 31/03/2012 | 31/12/2011 |
| Goodwill | 1,540,316 | 1,537,996 |
| Other intangible assets | 975,197 | 977,555 |
| Leased assets | 541,859 | 539,731 |
| Other property, plant and equipment | 536,080 | 538,121 |
| Equity investments | 33,984 | 36,545 |
| Lease receivables | 244,424 | 242,840 |
| Other non-current financial assets | 27,105 | 25,732 |
| Deferred taxes | 246,663 | 261,963 |
| Non-current assets | 4,145,628 | 4,160,483 |
| Inventories | 691,310 | 625,369 |
| Trade receivables | 703,631 | 676,553 |
| Lease receivables | 120,334 | 118,381 |
| Current income tax receivables | 5,002 | 4,953 |
| Other current financial assets | 125,027 | 107,096 |
| Cash and cash equivalents | 301,618 | 373,451 |
| Current assets | 1,946,922 | 1,905,803 |
| Total assets | 6,092,550 | 6,066,286 |
| EQUITY AND LIABILITIES | ||
| € thousand | 31/03/2012 | 31/12/2011 |
| Subscribed capital | 500 | 500 |
| Capital reserve | 348,483 | 348,483 |
| Retained earnings | -790,912 | -806,429 |
| Accumulated other comprehensive income (+) / loss (-) | -51,763 | -37,218 |
| Non-controlling interests | 6,507 | 7,077 |
| Equity | -487,185 | -487,587 |
| Shareholder loan | 650,083 | 643,132 |
| Retirement benefit obligation | 407,498 | 382,914 |
| Non-current financial liabilities | 2,769,281 | 2,777,354 |
| Lease liabilities | 466,305 | 471,131 |
| Other non-current provisions | 97,674 | 96,168 |
| Other non-current financial liabilities | 133,572 | 132,719 |
| Deferred taxes | 321,172 | 339,054 |
| Non-current liabilities | 4,845,585 | 4,842,472 |
| 6,092,550 | 6,066,286 |
|---|---|
| 1,734,150 | 1,711,401 |
| 455,341 | 420,435 |
| 157,503 | 183,678 |
| 24,962 | 15,439 |
| 229,153 | 230,381 |
| 620,074 | 634,092 |
| 247,117 | 227,376 |
€ thousand
| Accumulated other comprehensive income (+) / loss (-) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Subscribed capital |
Capital reserves |
Retained earnings |
Cumulative translation adjustment |
Gains/losses on defined benefit obligation |
Gains/losses on Cash Flow Hedges |
Gains/losses from equity investments |
Total equity attributable to shareholders |
Non-controlling interests |
Total | |
| Balance as at 1/1/2011 | 500 | 348,483 | -711,504 | -42,025 | 12,498 | -14,819 | -125 | -406,992 | 7,070 | -399,922 |
| Net income (+) / loss (-) for the period | -3,987 | -3,987 | 437 | -3,550 | ||||||
| Other comprehensive income (+) / loss (-) | -14,831 | -377 | 21,038 | 5,830 | 5,830 | |||||
| Total comprehensive income (+) / loss (-) | -3,987 | -14,831 | -377 | 21,038 | 1,843 | 437 | 2,280 | |||
| Balance as at 31/03/2011 | 500 | 348,483 | -715,491 | -56,856 | 12,121 | 6,219 | -125 | -405,149 | 7,507 | -397,642 |
| Balance as at 1/1/2012 | 500 | 348,483 | -806,429 | -35,549 | 20,892 | -22,968 | 407 | -494,664 | 7,077 | -487,587 |
| Net income (+) / loss (-) for the period | 15,942 | 15,942 | 472 | 16,414 | ||||||
| Other comprehensive income (+) / loss (-) | -812 | -13,362 | -371 | -14,545 | -14,545 | |||||
| Total comprehensive income (+) / loss (-) | 15,942 | -812 | -13,362 | -371 | 1,397 | 472 | 1,869 | |||
| Dividends Other Changes |
-425 | -425 | -355 -687 |
-355 -1,112 |
||||||
| Balance as at 31/03/2012 | 500 | 348,483 | -790,912 | -36,361 | 7,530 | -23,339 | 407 | -493,692 | 6,507 | -487,185 |
| Consolidated statement of cash flows | ||
|---|---|---|
| Q1 Q1 |
Q1 | Q1 |
| € thousand 2012 2011 |
2012 | 2011 |
| Net income (+) / loss (-) 11,967 171,921 |
16,414 | -3,550 |
| + income taxes -17,179 32,864 |
22,911 | 14,941 |
| + net financial income (-) / expenses (+) -62,452 -118,658 |
51,599 | 48,754 |
| = Earnings before interest and taxes -67,664 86,127 |
90,924 | 60,145 |
| Depreciation/Impairment of non-current assets (excl. leased assets) -39,910 -41,770 |
38,340 | 38,818 |
| Depreciation/Impairment of leased assets -38,335 -46,836 |
44,611 | 42,253 |
| Other non-cash income (-) / expenses (+) -2,538 -746 |
-1,066 | 3,911 |
| Gain (-) / loss (+) on disposal of non-current assets -6,253 -1,017 |
-2,235 | 705 |
| Change in leased assets 43,900 22,651 |
-41,525 | -30,218 |
| Change in lease receivables and lease liabilities -12,138 23,985 |
-21,413 | -12,211 |
| Change in inventories 32,670 -33,806 |
-64,810 | -58,023 |
| Change in trade receivables -2,895 37,432 |
-20,016 | -23,193 |
| Change in trade payables -63,916 -40,281 |
-22,349 | 41,591 |
| Cash payments for defined benefit obligations 4,437 4,237 |
-4,804 | -4,905 |
| Change in other provisions 4,138 13,338 |
-24,797 | -16,061 |
| Change in other operating assets -11,580 -33,234 |
-32,950 | -5,350 |
| Change in other operating liabilities 23,070 43,556 |
27,731 | 34,266 |
| Taxes paid 3,845 -2,018 |
-11,418 | -5,804 |
| = Cash flow from operating activities -133,169 31,618 |
-45,777 | 65,924 |
| Cash receipts from disposal of non-current assets 1,702 -966 |
6,922 | 927 |
| Cash payments for purchase of non-current assets 26,146 25,413 |
-25,206 | -22,040 |
| Deposits from other loan claims -1,266 1,778 |
-341 | 1,389 |
| Dividends received -3,808 -2,065 |
212 | 343 |
| Interest income received -423 -560 |
1,347 | 909 |
| Acquisitions of subsidiaries, net of cash acquired 16,810 7,486 |
-9,703 | 0 |
| Cash receipts (+) / cash payments (-) for sundry assets 399 1,498 |
-1,118 | -1,720 |
| = Cash flow from investing activities 39,560 32,584 |
-27,887 | -20,192 |
| Dividends paid to non-controlling interests 1,608 2,060 |
-355 | 0 |
| Cash paid for increased ownership interests (after control) -400 8,683 |
-1,112 | -712 |
| Proceeds from borrowings -492,324 -56,742 |
7,676 | 0 |
| Loan financing costs paid 21,482 2,453 |
-207 | -228 |
| Proceeds (+) / Repayment (-) of other capital borrowings 33,183 22,109 |
17,687 | -10,528 |
| Interest paid 40,445 36,379 |
-22,737 | -29,323 |
| = Cash flow from financing activities 114,003 14,942 |
952 | -40,791 |
| Effect of foreign exchange rate changes on cash and cash equivalents 2,012 -4,333 |
879 | -1,084 |
| = Change in cash and cash equivalents 22,406 74,811 |
-71,833 | 3,857 |
| Cash and cash equivalents at the beginning of the period 158,645 392,454 |
373,451 | 252,884 |
| Cash and cash equivalents at the end of the period 301,618 256,741 |
301,618 | 256,741 |
| Segment report | ||||||
|---|---|---|---|---|---|---|
| LMH | STILL | Other | Consolidation/ Reconciliation |
Total | ||
| € thousand | Q1 2012 |
|||||
| Revenue from external customers Intersegment revenue Total revenue |
756,326 17,484 773,810 |
377,315 35,077 412,392 |
10,758 48,247 59,005 |
− -100,808 -100,808 |
1,144,399 − 1,144,399 |
|
| Earnings before taxes | 75,664 | 14,165 | -50,355 | -149 | 39,325 | |
| Financial income Financial expense = Financial result |
12,961 -16,402 -3,441 − |
4,519 -10,456 -5,937 |
21,207 -63,428 -42,221 |
-4,494 4,494 − |
34,193 -85,792 -51,599 |
|
| EBIT | 79,105 | 20,102 | -8,134 | -149 | 90,924 | |
| + Non-recurring items + KION acquisition items |
-5,687 7,287 |
4,438 1,417 |
2,785 270 |
− − |
1,536 8,974 |
|
| = Adjusted EBIT | 80,705 | 25,957 | -5,079 | -149 | 101,434 | |
| Carrying amount of equity investments Capital expenditures Depreciation Order intake Number of employees** |
29,337 14,419 24,428 812,368 13,927 |
4,647 8,142 10,129 429,455 7,433 |
− 2,645 3,783 59,005 692 |
− − − -93,655 − |
33,984 25,206 38,340 1,207,173 22,052 |
* Excluding leased assets
** Number of employees in full-time equivalents as at 31 March
| Segment report | ||||||
|---|---|---|---|---|---|---|
| LMH | STILL | Other | Consolidation/ Reconciliation |
Total | ||
| € thousand | Q1 2011 |
|||||
| Revenue from external customers Intersegment revenue Total revenue |
642,408 18,968 661,376 − |
370,103 29,462 399,565 |
3,679 43,416 47,095 |
− -91,846 -91,846 |
1,016,190 − 1,016,190 |
|
| Earnings before taxes | 49,459 | 8,242 | -45,917 | -393 | 11,391 | |
| Financial income Financial expense = Financial result |
11,434 -14,476 -3,042 |
3,325 -9,988 -6,663 |
40,624 -79,673 -39,049 − |
-3,796 3,796 − |
51,587 -100,341 -48,754 |
|
| EBIT | 52,501 | 14,905 | -6,868 | -393 | 60,145 | |
| + Non-recurring items + KION acquisition items |
1,536 6,553 |
2,517 1,499 |
1,937 433 − |
− − |
5,990 8,485 |
|
| = Adjusted EBIT | 60,590 | 18,921 | -4,498 | -393 | 74,620 | |
| Carrying amount of equity investments Capital expenditures Depreciation Order intake Number of employees** |
33,279 13,293 24,368 768,161 12,383 |
4,408 6,440 11,158 447,058 7,277 |
− 2,307 3,292 47,095 494 |
− − − -104,931 − |
37,687 22,040 38,818 1,157,383 20,154 |
* Excluding leased assets
** Number of employees in full-time equivalents as at 31 March
The condensed interim Consolidated Financial Statements of the KION Group for the three months ended 31 March 2012 were prepared consistent with IAS 34 'Interim Financial Reporting' and the other International Financial Reporting Standards (IFRSs) as adopted by the European Union in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council on the Application of International Accounting Standards for Interim Financial Information. In accordance with IAS 34, a condensed set of interim financial statements has been prepared.
All of the IFRSs and IFRICs that were issued as at the reporting date and that were required to be applied in the 2012 financial year were applied in preparing the condensed consolidated interim financial statements. These condensed consolidated interim financial statements do not contain all the information and disclosures required of a set of consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements prepared for the year ended 31 December 2011. With the exception of the new IFRS standards and interpretations described below, the accounting policies used to prepare these condensed consolidated interim financial statements were the same as those used to prepare the consolidated financial statements for the year ended 31 December 2011.
The following financial reporting standards and interpretations were adopted for the first time in the condensed consolidated interim financial statements for the three months ended 31 March 2012:
• Amendments to IFRS 7 'Financial Instruments: Disclosures', disclosures relating to transfers of financial assets.
The first-time adoption of these standards and interpretations had no significant effect on the presentation of the financial position and financial performance of the KION Group.
In its condensed consolidated interim financial statements for the three months ended 31 March 2012, the KION Group has not applied the following standards and interpretations, which have been issued by the IASB, but are not yet required to be adopted in 2012:
These standards and interpretations will only be applied by the companies included in the KION Group from the date at which they must be adopted for the first time. Their effects on the financial position and financial performance of the KION Group are expected to be insignificant.
In order to improve the clarity of presentation, certain items are aggregated on the face of the statement of financial position and income statement. The items concerned are disclosed and explained separately in the notes. In accordance with IAS 1.60, assets and liabilities are categorised based on current and non-current items. The condensed consolidated income statement is prepared in accordance with the cost of sales (function-of-expense) method.
The reporting currency is the euro. All amounts are disclosed in thousands of euros (€ thousand) unless stated otherwise. The addition of the totals presented may result in rounding differences of +/- €1 thousand.
The basis for internal reporting is a presentation of the financial position and financial performance based on data from continuing operations, excluding items relating to the KION Group in December 2006 and excluding Non-recurring Items. In addition to the above items, other net financial income/expenses and the share of profit (loss) of equity investments were also excluded from the performance indicator known as 'EBIT Management Reporting'. Segment reporting therefore included a reconciliation of externally reported consolidated earnings before interest and tax (EBIT) including KION acquisition items and Non-recurring Items with the adjusted EBIT for the segments ('EBIT Management Reporting').
Management reporting EBIT differed from adjusted EBIT for the last time in 2011 that did not take into account of the share of profit (loss) of equity investments or other net financial income/expenses. Since 2012 EBIT Management Reporting will correspond to the adjusted EBIT.
Our Annual Bond Report 2011 contains a description of certain risks that could materially adversely affect our business, financial condition, results of operations or cash flows.
You should carefully consider the risks described in our Annual Bond Report 2011 before making an investment decision. Any of the risks mentioned there could materially adversely affect our business, financial condition, results of operations or cash flows, and as a result you may lose all or part of your original investment. These risks are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, results of operations or cash flows.
This Quarterly Report contains "forward-looking" statements that involve risks and uncertainties. Our actual results may differ significantly from the results discussed in the forward looking statements. Factors that might cause such differences are discussed in the Annual Bond Report 2011 and elsewhere in this Quarterly Report.
In Q1/2012 there have been no material changes to the risk assessment made in our Annual Bond Report 2011.
| Segment report - Voluntary Additional Information | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| LMH | STILL | FS | Other | Consolidation/ Reconciliation |
Total | ||||||
| € thousand | Q1 2012 |
||||||||||
| Revenue from external customers Intersegment revenue Total revenue |
716,482 54,281 770,763 |
357,712 28,226 385,938 |
59,447 36,433 95,880 |
10,758 48,247 59,005 |
− -167,187 -167,187 |
1,144,399 − 1,144,399 |
|||||
| Earnings before taxes | 74,510 | 13,874 | 1,548 | -50,160 | -447 | 39,325 | |||||
| Financial income Financial expense = Financial result |
9,065 -12,470 -3,405 |
3,277 -8,759 -5,482 − |
7,965 -7,401 564 − |
21,207 -63,429 -42,222 |
-7,321 6,267 -1,054 |
34,193 -85,792 - 51,599 |
|||||
| EBIT | 77,915 | 19,356 | 984 | -7,938 | 607 | 90,924 | |||||
| + Non-recurring items + KION acquisition items |
-5,687 7,287 |
4,438 1,417 |
− − − |
2,785 270 |
− − |
1,536 8,974 |
|||||
| = Adjusted EBIT | 79,515 | 25,211 | 984 | -4,883 | 607 | 101,434 | |||||
| Segment assets Segment liabilities Carrying amount of |
4,464,517 1,486,330 |
1,875,162 948,293 |
840,727 804,179 |
637,179 5,032,853 |
-1,725,035 -1,691,920 |
6,092,550 6,579,735 |
|||||
| equity investments Capital expenditures Depreciation* |
29,337 14,419 43,080 |
4,647 8,142 23,981 |
− − 15,553 |
− 2,645 4,131 |
− − -3,794 |
33,984 25,206 82,951 |
* Excluding leased assets
** Including leased assets
| Segment report - Voluntary Additional Information | ||||||||
|---|---|---|---|---|---|---|---|---|
| LMH | STILL | FS | Other | Consolidation/ Reconciliation |
Total | |||
| € thousand | Q1 2011 |
|||||||
| Revenue from external customers Intersegment revenue Total revenue |
600,202 59,736 659,938 − |
353,166 45,277 398,443 |
59,143 39,027 98,170 |
3,679 43,409 47,088 |
− -187,449 -187,449 |
1,016,190 − 1,0 16,190 |
||
| Earnings before taxes | 48,619 | 8,126 | 1,256 | -45,729 | -881 | 11,391 | ||
| Financial income Financial expense = Financial result |
7,235 -10,388 -3,153 |
1,428 -7,853 -6,425 |
10,531 -9,716 815 |
40,624 -79,671 -39,047 − |
-8,231 7,287 -944 |
51,587 -100,341 -48 ,754 |
||
| EBIT | 51,772 | 14,551 | 441 | -6,682 | 63 | 60,145 | ||
| + Non-recurring items + KION acquisition items |
1,536 6,553 |
2,517 1,499 |
− − |
1,937 433 − |
− − |
5,990 8,485 |
||
| = Adjusted EBIT | 59,861 | 18,567 | 441 | -4,312 | 63 | 74,620 | ||
| Segment assets Segment liabilities Carrying amount of |
4,105,623 1,385,142 |
1,974,992 985,338 |
769,220 732,165 |
539,396 4,694,483 |
-1,614,017 -1,624,272 |
5,775,214 6,172,856 |
||
| equity investments | 33,279 | 4,408 | − | − | − | 37,687 | ||
| Capital expenditures Depreciation* |
13,293 41,083 |
6,440 24,131 |
− 15,085 |
2,307 3,790 |
− -3,018 |
22,040 81,071 |
||
| * Excluding leased assets |
** Including leased assets
| Unaudited quarterly information | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||||
| € thousand | 2010 | 2010 | 2010 | 2011 | 2011 | 2011 | 2011 | 2012 | ||||
| Order intake | 997,706 | 952,017 | 1,064,386 | 1,157,383 | 1,195,434 | 1,111,663 | 1,217,376 | 1,207,173 | ||||
| Revenue | 874,503 | 879,804 | 1,042,510 | 1,016,190 | 1,096,338 | 1,044,137 | 1,211,730 | 1,144,399 | ||||
| EBIT | 4,148 | 31,797 | 28,821 | 60,145 | 98,443 | 63,422 | -8,850 | 90,924 | ||||
| Adj. EBIT | 30,452 | 52,637 | 62,683 | 74,620 | 100,657 | 84,326 | 105,005 | 101,434 | ||||
| Adj. EBIT margin | 3.5% | 6.0% | 6.0% | 7.3% | 9.2% | 8.1% | 8.7% | 8.9% | ||||
| Adj. EBITDA | 109,229 | 131,202 | 148,764 | 148,536 | 173,239 | 160,059 | 183,431 | 175,670 | ||||
| Adj. EBITDA margin | 12.5% | 14.9% | 14.3% | 14.6% | 15.8% | 15.3% | 15.1% | 15.4% | ||||
| Free cash flow | 3,601 | 17,533 | 76,978 | 45,732 | -25,787 | 30,162 | 184,123 | -73,664 | ||||
| Net financial debt | 2,706,733 | 2,659,077 | 2,640,829 | 2,600,205 | 2,687,633 | 2,748,619 | 2,656,613 | 2,741,282 |
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