Long-term leasing business

The sales activities of the KION Group are supported by financial services in connection with direct long-term leasing business. In this business, trucks leased directly to the end customer are refinanced by the KION Group. The portfolio of the long-term leasing business, which supports the KION Group’s sales activities, continued to be focused predominantly in western Europe as at 31 March 2018. The long-term leasing business had a positive impact on the KION Group’s financial performance in the first three months of the year ( > TABLE 13) and also influenced its financial position ( > TABLE 14). This information is taken from the internal reporting system and is determined using the assumption of a minimum rate of return on the capital employed. Net financial debt relating to the long-term leasing business fell to €388.2 million (31 December 2017: €481.6 million). > TABLE 15

Profitability of long-term leasing business

13

in € million

Q1 2018

Q1 2017*

Change

*

Key figures for 2017 were restated due to the initial application of IFRS 15 and IFRS 16

Revenue

239.5

202.3

18.4%

Adjusted EBITDA

79.0

73.0

8.2%

Adjusted EBIT

3.5

3.0

15.0%

Earnings before taxes (EBT)

2.0

1.9

10.5%

Financial position of long-term leasing business

14

in € million

31/03/2018

31/12/2017*

Change

*

Key figures for 2017 were restated due to the initial application of IFRS 15 and IFRS 16

Liabilities to banks (gross)

388.2

481.6

–19.4%

Liabilities from financial services

652.0

437.4

49.1%

Lease liabilities

988.7

1,131.1

–12.6%

Calculatory equity

71.2

71.9

–1.0%

Total

2,100.1

2,122.0

–1.0%

 

 

 

 

Leased assets

1,221.8

1,246.3

–2.0%

Lease receivables

878.3

875.8

0.3%

Total

2,100.1

2,122.0

–1.0%

Refinancing of long-term leasing business

15

 

31/03/2018

31/12/2017*

in € million

KION Group

thereof non-current leasing business

KION Group

thereof non-current leasing business

*

Key figures for 2017 were restated due to the initial application of IFRS 15 and IFRS 16

Liabilities to banks (gross)

1,328.4

388.2

1,259.6

481.6

Promissory note (gross)

1,010.0

1,010.0

Other financial liabilities to non-banks

8.8

7.7

./. Capitalised borrowing costs

–8.1

–8.6

Financial liabilities

2,339.1

388.2

2,268.7

481.6

 

 

 

 

 

./. Cash and cash equivalents

–220.2

–173.2

Net financial liabilities

2,118.9

388.2

2,095.5

481.6

 

 

 

 

 

Lease liabilities

988.7

988.7

1,131.1

1,131.1

Liabilities from financial services

747.7

652.0

437.4

437.4

Liabilities from short-term rental financing

386.9

515.7

Liabilities from rental and leasing business

2,123.3

1,640.7

2,084.2

1,568.5

 

 

 

 

 

Net liabilities from procurement leases

23.1

21.7

Net operating debt

4,265.3

2,028.9

4,201.4

2,050.1