Condensed statement of income of the KION Group | |||
€ million |
Q1 |
Q1 |
Change |
|
|
|
|
Revenue |
1,144 |
1,016 |
12.6% |
Cost of sales |
-825 |
-742 |
-11.1% |
Gross profit |
320 |
274 |
16.8% |
Selling expenses |
-137 |
-129 |
-5.6% |
Research and development costs |
-33 |
-27 |
-20.8% |
Administrative expenses |
-70 |
-62 |
-13.2% |
Other |
11 |
5 |
>100% |
Earnings before interest and taxes (EBIT) |
91 |
60 |
51.2% |
Net finance cost |
-52 |
-49 |
-5.8% |
Earnings before taxes |
39 |
11 |
>100% |
Income taxes |
-23 |
-15 |
-53.3% |
Net income (+) / loss (-) for the period |
16 |
-4 |
>100% |
Our revenue growth can be broken down by product category as follows:
Revenue by product category | |||
€ million |
Q1 |
Q1 |
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% |
Revenue
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-over-year 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.