Earnings

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
2013

Q2
2012

Change

Q1–Q2
2013

Q1–Q2
2012

Change

*

Key figures for 2012 were adjusted due to the retrospective application of IAS 19R (2011)

 

 

 

 

 

 

 

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
2013

Q2
2012

Change

Q1–Q2
2013

Q1–Q2
2012

Change

*

Key figures for 2012 were adjusted due to the retrospective application of IAS 19R (2011)

 

 

 

 

 

 

 

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

Key influencing factors for earnings

Net financial income / expenses

Income taxes

Net income

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