Overview Q2/2012
In the global industrial truck market, which declined by 6% year-on-year, KION Group was able to perform better than the market. The order intake of 36,400 units in Q2/2012 was only 3% below the level of the previous year’s quarter (Q2/2011: 37,700 units). In the first six months of 2012, we managed to gain additional market share in Europe, especially in Germany, and to expand our market position in the Eastern European countries. Furthermore, we have been able to grow our sales volumes in China and to gain market share in Brazil, despite a heavy decline in overall demand in the two countries during the first six months of 2012. We increased our unit sales from 74,300 in Q1-2/2011 to 75,500 in Q1-2/2012.
Notwithstanding the decline in units in Q2/2012 compared to Q2/2011, the quarterly order intake on a value basis grew by 0.6% from €1,195 million in Q2/2011 to €1,203 million in Q2/2012. In the first six months of 2012, order intake totalled €2,410 million, an increase of 2.4% compared to €2,353 million in Q1-2/2011. Our order book as of 30 June 2012 amounted to €1,008 million and increased further from the high level at the end of Q1/2012, when it had been €984 million.
Group revenue rose strongly by 6% from €1,096 million in Q2/2011 to €1,166 million in Q2/2012. On a six month basis revenue grew from €2,113 million in Q1-2/2011 to €2,311 million in Q1-2/2012, an increase of 9%.
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KION Group key figures | ||||||
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€ million |
Q2 |
Q2 |
Change |
Q1-Q2 |
Q1-Q2 |
Change |
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|
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|
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Order intake |
1,203 |
1,195 |
0.6% |
2,410 |
2,353 |
2.4% |
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Revenue |
1,166 |
1,096 |
6.4% |
2,311 |
2,113 |
9.4% |
|
EBIT |
105 |
98 |
6.6% |
196 |
159 |
23.5% |
|
Adjusted EBIT |
111 |
101 |
10.5% |
213 |
175 |
21.3% |
|
EBITDA |
190 |
179 |
6.6% |
364 |
320 |
13.9% |
|
Adjusted EBITDA |
188 |
173 |
8.3% |
363 |
322 |
12.9% |
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|
|
|
|
|
|
|
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Free cash flow |
82 |
-26 |
>100% |
8 |
20 |
-59.6% |
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EBIT Margin (Adj.) |
9.5% |
9.2% |
– |
9.2% |
8.3% |
– |
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EBITDA Margin (Adj.) |
16.1% |
15.8% |
– |
15.7% |
15.2% |
– |
EBIT is defined as net profit (loss) before financial income, financial expense, and income taxes. EBITDA is defined as EBIT before depreciation, amortization and impairment charges. EBIT and EBITDA reflect the impact of earnings or charges resulting from matters that we do not consider to be indicative of our ongoing operations. Therefore, we also present Adjusted EBIT and Adjusted EBITDA. In calculating Adjusted EBIT and Adjusted EBITDA, we add back costs that we believe are not indicative of the ongoing operations or those that may impact the comparability of financial information year on year or do not impact our ability to service our debt (referred to as ‘‘Non-recurring items’’). Adjusted EBIT is defined as EBIT after applying adjustments to eliminate certain Non-recurring items and KION acquisition items. Adjusted EBITDA is defined as EBITDA after applying adjustments to eliminate certain Non-recurring items and KION acquisition items. Additionally, since Q2/2011 we are adjusting the effects of the remeasurement of purchase price obligations in accordance with IAS 39 in connection with the acquisition of outstanding shares in UK dealers. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA are not financial measures calculated in accordance with IFRS. Accordingly, they should not be considered as alternatives to net income or operating income as indicators of our performance, or as alternatives to operating cash flows as a measure of our liquidity. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA are used by our management to make decisions about our operations unaffected by the above factors. In addition, we believe that EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA are measures commonly used by investors. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA, as presented in this Quarterly Bond Report, may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.