EBIT and EBITDA
Total earnings before interest and tax (EBIT) amounted to € 177.9 million, which was 8.9 per cent below the same period the previous year (€ 195.4 million). The impact on earnings resulting from the decline in revenue and the sale of the hydraulics business was partly offset by further improvement of the cost structure and by the Group’s ability to implement price increases in the market.
One of the factors that depressed earnings was the cost of the IPO and the accompanying capital increases. Of the total costs of € 29.9 million, € 8.6 million was recognised in expenses while the remaining transaction costs were recognised directly in equity. Including the costs of the IPO and the accompanying capital increases, non-recurring items included in EBIT came to € 7.2 million (H1 2012: gain of € 21.4 million, adjusted for the hydraulics business).
The KION acquisition items relate to the acquisition of the KION Group, which was formed at the end of 2006 when it was spun off from Linde AG, Munich. The associated effects of the purchase price allocation equated to an expense of € 15.3 million in the reporting period compared with an expense of € 18.3 million in the first half of 2012, and largely comprised depreciation, amortisation and impairment.
Adjusted EBIT, which excludes non-recurring items and KION acquisition items, amounted to € 200.4 million—4.2 per cent higher than the comparable prior-year figure of € 192.3 million. The adjusted EBIT margin was 9.0 per cent compared with 8.7 per cent in the first half of 2012. >> TABLE 05
Adjusted EBIT* |
>>TABLE 05 | |||||||
in € million |
Q2 |
Q2 |
Change |
Q1–Q2 |
Q1–Q2 |
Change | ||
| ||||||||
|
|
|
|
|
|
| ||
Net income (+) / loss (-) for the period |
41.8 |
9.4 |
>100.0 % |
70.3 |
25.9 |
>100.0 % | ||
Income taxes |
14.6 |
-21.3 |
>100.0 % |
4.4 |
-44.2 |
>100.0 % | ||
Financial result |
-64.4 |
-74.0 |
13.0 % |
-112.0 |
-125.3 |
10.6 % | ||
EBIT |
91.5 |
104.7 |
-12.6 % |
177.9 |
195.4 |
-8.9 % | ||
+ Non-recurring items |
8.5 |
-12.1 |
>100.0 % |
7.2 |
-21.4 |
>100.0 % | ||
+ KION acquisition items |
7.7 |
9.3 |
-17.6 % |
15.3 |
18.3 |
-16.3 % | ||
= Adjusted EBIT |
107.6 |
101.9 |
5.6 % |
200.4 |
192.3 |
4.2 % |
Adjusted EBITDA* |
>>TABLE 06 | |||||||
in € million |
Q2 |
Q2 |
Change |
Q1–Q2 |
Q1–Q2 |
Change | ||
| ||||||||
|
|
|
|
|
|
| ||
EBIT |
91.5 |
104.7 |
-12.6 % |
177.9 |
195.4 |
-8.9 % | ||
Amortisation and depreciation |
84.1 |
85.4 |
-1.5 % |
166.6 |
168.3 |
-1.0 % | ||
EBITDA |
175.6 |
190.1 |
-7.6 % |
344.6 |
363.7 |
-5.3 % | ||
+ Non-recurring items |
7.5 |
-16.3 |
>100.0 % |
6.2 |
-29.8 |
>100.0 % | ||
+ KION acquisition items |
0.4 |
0.4 |
9.1 % |
0.6 |
0.8 |
-15.5 % | ||
= Adjusted EBITDA |
183.5 |
174.2 |
5.4 % |
351.4 |
334.7 |
5.0 % |
EBITDA was down by 5.3 per cent on the first half of 2012 at € 344.6 million (H1 2012: € 363.7 million). Adjusted EBITDA amounted to € 351.4 million, which was above the comparable figure of € 334.7 million for the first half of 2012 (excluding the hydraulics business). The adjusted EBITDA margin was 15.7 per cent compared with 15.1 per cent in the first six months of 2012. >> TABLE 06