Earnings

Condensed income statement of the KION Group

in € million

2012

2011

Change

 

 

 

 

Revenue

4,727

4,368

8.2%

Cost of sales

-3,430

-3,256

-5.3%

Gross profit

1,297

1,112

16.6%

Selling expenses

-562

-521

-8.0%

Research and development costs

-124

-120

-4.1%

Administrative expenses

-313

-283

-10.5%

Other

253

25

>100%

Earnings before interest and taxes (EBIT)

550

213

>100%

Financial result

-239

-272

12.0%

Earnings before taxes

311

-59

>100%

Income taxes

-150

-34

<-100%

Net income (loss)

161

-93

>100%

EBIT and EBITDA

Earnings before interest and tax (EBIT) more than doubled year on year to €550 million (2011: €213 million). The reasons for this rise of €337 million include one-off items, sustained growth of unit sales in established regional markets, and stable demand from China and eastern Europe. Another factor in the increase in EBIT was improved capacity utilisation in the new truck business.

The non-recurring items included in EBIT totalled €153 million (2011: €-115 million). The capital increase and the sale of significant portions of the hydraulics business resulted in a net gain before taxes of €212 million after deduction of consultancy costs and contractual obligations. In addition to the net gain of €103 million from the sale of the hydraulics business, this includes a gain of €109 million from the remeasurement of the remaining 30 per cent of shares held at fair value. There was also a one-off gain of €13 million resulting from remeasurement of the shareholding in Linde Creighton. Non-recurring losses were largely the result of follow-up costs in connection with the closure of production facilities and the restructuring of the container handler and heavy forklift truck business, including necessary impairment of assets. These, combined with consultancy costs, amounted to losses of €71 million.

The effects of the purchase price allocation in connection with the KION acquisition equated to a loss of €41 million in 2012, compared to the loss reported in 2011 of €36 million. They essentially consist of depreciation and impairment, as well as administrative expenses for KION Holding 1 GmbH.

Adjusted EBIT, which excludes non-recurring items and KION acquisition items, advanced by €74 million to €438 million (2011: €365 million). This equates to an adjusted EBIT margin of 9.3 per cent (2011: 8.3 per cent).

Adjusted EBIT

in € million

2012

2011

Change

1

Adjusted for KION acquisition items and one-off items

 

 

 

 

Earnings before interest and tax (EBIT)

550

213

>100%

One-off items

-153

115

<-100%

KION acquisition items

41

36

15.3%

Adjusted EBIT¹

438

365

20.2%

EBITDA grew from €569 million in 2011 to €915 million in 2012, while adjusted EBITDA rose by €82 million year on year to €747 million. Accordingly, the adjusted EBITDA margin improved from 15.2 per cent to 15.8 per cent.

Financial result

Income taxes

Net income (loss)

Key influencing factors for earnings

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