Business situation and financial performance of the Financial Services (FS) segment

Business situation

Revenue generated by the Financial Services segment increased from €480 million to €509 million and includes intra-group revenue with the LMH and STILL segments. The revenue that the FS segment generated outside the Group rose by 12.0 per cent to €297 million (2011: €265 million).

The volume (residual value) of leasing in the FS segment amounted to €997 million as at 31 December 2012 (31 December 2011: €906 million). Of this total, 45 per cent was attributable to FS companies. The volume, which was refinanced via sale and leaseback agreements, amounts to 80 per cent of the total value. The refinancing of the remaining 20 per cent takes place via Group treasury as part of KION’s financial liabilities. If one includes the indirect leasing business, which is handled via external lease providers and is not a part of the FS segment, 73 per cent of the leasing business concentrates on the core European markets of Germany, France, the UK, Italy and Spain.

Financial performance

The FS segment registered earnings before taxes (EBT) of €5 million in 2012 (2011: €6 million). The adjusted EBT margin, expressed as a percentage of total revenue, decreased from 1.28 per cent to 0.94 per cent.

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