Condensed Statement of Income

Condensed statement of income of the KION Group

€ million

Q1
2012

Q1
2011

Change

 

 

 

 

Revenue

1,144

1,016

12.6%

Cost of sales

-825

-742

-11.1%

Gross profit

320

274

16.8%

Selling expenses

-137

-129

-5.6%

Research and development costs

-33

-27

-20.8%

Administrative expenses

-70

-62

-13.2%

Other

11

5

>100%

Earnings before interest and taxes (EBIT)

91

60

51.2%

Net finance cost

-52

-49

-5.8%

Earnings before taxes

39

11

>100%

Income taxes

-23

-15

-53.3%

Net income (+) / loss (-) for the period

16

-4

>100%

Our revenue growth can be broken down by product category as follows:

Revenue by product category

€ million

Q1
2012

Q1
2011

Change

 

 

 

 

New business

624

540

15.5%

Hydraulics

49

39

24.5%

Service offering

472

437

8.0%

- After sales

284

259

9.7%

- Rental business

108

105

2.6%

- Used trucks

53

50

6.6%

- Other

27

23

16.4%

Total revenue

1,144

1,016

12.6%

Revenue

Notwithstanding the moderate economic environment in the markets that are most important to our business such as Germany, France, China, Brazil and Eastern Europe, we outperformed the market development in the new truck business in Q1/2012. In addition, the increased truck utilisation levels accelerated the replacement cycle and had a positive impact on demand for our service offering. The total value of our order intake for new trucks, service offering and hydraulics increased on a year-over-year basis by 4% to €1,207 million for Q1/2012, compared to €1,157 million for Q1/2011.

The overall higher order intake in Q1/2012 had a positive impact on our revenue, which grew by 13%, or €128 million, to €1,144 million, compared to €1,016 million in Q1/2011. This increase was visible in the business segments, LMH and STILL and across all product categories. The new truck business reported a strong revenue growth of 16%, from €540 million in Q1/2011 to €624 million in Q1/2012, making it our most important revenue driver in absolute value in Q1/2012. Hydraulics performed strongly generating a 25% increase to €49 million in Q1/2012. Our service offering accounted for revenue of €472 million in Q1/2012, compared to revenue of €437 million in Q1/2011, which is an increase of 8%. The growing number of our trucks in the market and higher capacity utilisation levels led to a higher demand for services and spare parts. We have also experienced higher demand for rental and used trucks. Revenue in the ‘Other’ category, which includes advisory services, IT solutions and warehouse technology systems increased by 16% to €27 million in Q1/2012.

Cost of Sales

Gross Profit and Gross Margin

Selling Expenses

Research and Development Costs

General and Administrative Expenses

Other Income and Expense

Profit from Equity Investments/Other Financial Result

Earnings Before Interest and Taxes (EBIT), Adjusted EBIT, Adjusted EBITDA

Financial Income and Expense

Income Taxes

Net Income for the Period

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