All segment data provided is before consolidation effects which reflect cross-segment revenue, internal deliveries of inventories, income from investments and other cost transfer.
Overview
In Q2/2012, both segments showed a solid performance in the current market environment. The LMH segment, which includes the brands Linde, Fenwick and Baoli, generated a slightly higher order intake of 24,100 units compared to an order intake of 23,900 units in Q2/2011. The order intake in the STILL segment, which also includes the OM STILL brand, amounted to 11,800 units (Q2/2011: 13,500 units). Total order intake on a value basis, which includes all lines of business, grew for LMH by 2% to €821 million from €802 million in Q2/2011. The order intake for STILL fell from €438 million in Q1/2011 to €422 million in Q2/2012.
In Q1-2/2012, the LMH segment generated a total order volume of 49,600 units, which is an increase of 5% or 2,300 units compared to Q1-2/2011. In the LMH segment, the IC-trucks generated the highest growth rates. Along with a decrease in market demand for warehouse trucks, order intake in the STILL segment was 7% lower at 24,900 units in Q1-2/2012 than in Q1-2/2011. On a value basis, LMH generated orders worth €1,633 million in Q1-2/2012 compared to €1,571 million in Q1-2/2011. The order intake for STILL amounted to €852 million, down from €885 million in Q1-2/2011.
The following table shows all major key figures by segments as a percentage of the KION Group in total:
|
Overview segments on a quarterly basis | ||||||||
|
€ million |
Q2 |
% of total |
Q2 |
% of total |
Q1-Q2 |
% of total |
Q1-Q2 |
% of total |
|
|
|
|
|
|
|
|
|
|
|
Order intake |
|
|
|
|
|
|
|
|
|
LMH |
821 |
68.2% |
802 |
67.1% |
1,633 |
67.8% |
1,571 |
66.8% |
|
STILL |
422 |
35.1% |
438 |
36.6% |
852 |
35.3% |
885 |
37.6% |
|
Other/Consolidation |
-40 |
-3.4% |
-45 |
-3.7% |
-75 |
-3.1% |
-102 |
-4.4% |
|
Total order intake |
1,203 |
100.0% |
1,195 |
100.0% |
2,410 |
100.0% |
2,353 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
LMH |
786 |
67.4% |
726 |
66.2% |
1,560 |
67.5% |
1,387 |
65.7% |
|
STILL |
417 |
35.7% |
416 |
37.9% |
829 |
35.9% |
816 |
38.6% |
|
Other/Consolidation |
-36 |
-3.1% |
-45 |
-4.1% |
-78 |
-3.4% |
-90 |
-4.3% |
|
Total revenue |
1,166 |
100.0% |
1,096 |
100.0% |
2,311 |
100.0% |
2,113 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
EBIT |
|
|
|
|
|
|
|
|
|
LMH |
88 |
83.9% |
89 |
90.0% |
167 |
85.3% |
141 |
89.0% |
|
STILL |
28 |
26.4% |
22 |
22.4% |
48 |
24.4% |
37 |
23.3% |
|
Other/Consolidation |
-11 |
-10.3% |
-12 |
-12.4% |
-19 |
-9.8% |
-19 |
-12.3% |
|
Total EBIT |
105 |
100.0% |
98 |
100.0% |
196 |
100.0% |
159 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
LMH |
140 |
73.4% |
137 |
76.6% |
269 |
73.9% |
238 |
74.5% |
|
STILL |
57 |
29.9% |
50 |
28.0% |
106 |
29.0% |
93 |
29.1% |
|
Other/Consolidation |
-6 |
-3.3% |
-8 |
-4.6% |
-11 |
-2.9% |
-12 |
-3.7% |
|
Total EBITDA |
190 |
100.0% |
179 |
100.0% |
364 |
100.0% |
320 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBIT |
|
|
|
|
|
|
|
|
|
LMH |
89 |
79.8% |
81 |
80.7% |
170 |
79.7% |
142 |
80.9% |
|
STILL |
27 |
24.5% |
26 |
25.5% |
53 |
25.0% |
45 |
25.4% |
|
Other/Consolidation |
-5 |
-4.4% |
-6 |
-6.2% |
-10 |
-4.7% |
-11 |
-6.4% |
|
Total adjusted EBIT |
111 |
100.0% |
101 |
100.0% |
213 |
100.0% |
175 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
LMH |
134 |
71.1% |
123 |
71.2% |
257 |
70.8% |
227 |
70.5% |
|
STILL |
55 |
29.1% |
52 |
30.1% |
108 |
29.6% |
98 |
30.5% |
|
Other/Consolidation |
-0 |
-0.2% |
-2 |
-1.3% |
-1 |
-0.4% |
-3 |
-1.1% |
|
Total adjusted EBITDA |
188 |
100.0% |
173 |
100.0% |
363 |
100.0% |
322 |
100.0% |
Q2/2012 – LMH Segment
LMH Segment: Revenue
Due to the high demand in the new truck business and the services business from Germany as well as from China and the Eastern European countries, the LMH segment increased its revenue by 8%, from €726 million in Q2/2011 to €786 million in Q2/2012.
LMH Segment: EBIT, Adjusted EBIT and Adjusted EBITDA
In Q2/2012, EBIT for the LMH segment decreased by €1 million to €88 million compared to €89 million in Q2/2011. In Q2/2012, Non-recurring items amounted to positive €6 million primarily resulting from the revaluation of our 49% equity investment in Linde Creighton and the remeasurement of the purchase price obligations in connection with the remaining 51% of outstanding shares. In Q2/2011, EBIT had included Non-recurring items of positive €14 million, net, which were also related to remeasurements of shares in UK dealers and partly being offset by relocation costs and severance payments. KION acquisition items in Q2/2012 remained stable at €7 million compared to Q2/2011.
Adjusted EBIT grew by €8 million to €89 million, compared to €81 million in Q2/2011. Adjusted EBIT margin grew correspondingly from 11.2% in Q2/2011 to 11.3% in Q2/2012. Including depreciation and amortization, the LMH segment achieved an Adjusted EBITDA of €134 million and an Adjusted EBITDA margin of 17.0%, compared to an Adjusted EBITDA of €123 million and an Adjusted EBITDA margin of 17.0% in Q2/2011.
|
Quarterly information - LMH - | ||||||
|
€ million |
Q2 |
Q2 |
Change |
Q1-Q2 |
Q1-Q2 |
Change |
|
|
|
|
|
|
|
|
|
Order intake |
821 |
802 |
2.3% |
1,633 |
1,571 |
4.0% |
|
Revenue |
786 |
726 |
8.3% |
1,560 |
1,387 |
12.4% |
|
EBIT |
88 |
89 |
-0.7% |
167 |
141 |
18.4% |
|
Adjusted EBIT |
89 |
81 |
9.3% |
170 |
142 |
19.5% |
|
EBITDA |
140 |
137 |
2.1% |
269 |
238 |
12.9% |
|
Adjusted EBITDA |
134 |
123 |
8.2% |
257 |
227 |
13.4% |
|
|
|
|
|
|
|
|
|
EBIT Margin (Adj.) |
11.3% |
11.2% |
– |
10.9% |
10.2% |
– |
|
EBITDA Margin (Adj.) |
17.0% |
17.0% |
– |
16.5% |
16.4% |
– |
Q1-2/2012 – LMH Segment
LMH Segment: Revenue
Due to the strong first quarter, the LMH segment increased its revenue by 12% in Q1-2/2012 from €1,387 million in Q1-2/2011 to €1,560 million in Q1-2/2012. The segment considerably benefited from the high demand for LMH’s product and service offerings, especially from Germany, Eastern Europe and China.
LMH Segment: EBIT, Adjusted EBIT and Adjusted EBITDA
The LMH segment’s EBIT increased from €141 million in Q1-2/2011 by €26 million to €167 million in Q1-2/2012. In Q1-2/2012, EBIT was affected by Non-recurring items of positive €12 million, primarily as a result of a €12 million one-time profit from the revaluation of the equity investment in Linde Creighton and the remeasurement of the purchase price obligations in connection with the remaining 51% of outstanding shares. A €3 million profit generated through property sales in Basingstoke was largely offset by follow-up costs due to footprint measures. In Q1-2/2011, Non-recurring gains had been at €12 million and related to positive effects from remeasurements of shares in UK dealers, mainly in Linde Sterling, as well. KION acquisition items in Q1-2/2012 amounted to €14 million after €13 million in the prior year period.
Adjusted EBIT increased by €28 million to €170 million in Q1-2/2012, compared to €142 million in Q1-2/2011. Adjusted EBIT margin rose correspondingly from 10.2% in Q1-2/2011 to 10.9% in Q1-2/2012. The Adjusted EBITDA in the LMH segment amounted to €257 million and the Adjusted EBITDA margin was 16.5% in Q1-2/2012, compared to an Adjusted EBITDA of €227 million and an Adjusted EBITDA margin of 16.4% in Q1-2/2011.
Q2/2012 – STILL Segment
STILL Segment: Revenue
Due to the stable demand for new trucks and services in Germany, Western and Eastern Europe in Q2/2012, STILL generated revenue of €417 million compared to €416 million in Q2/2011.
STILL Segment: EBIT, Adjusted EBIT and Adjusted EBITDA
The STILL segment’s EBIT increased by €6 million to €28 million in Q2/2012 due to efficiency gains and cost savings. In Q2/2012, EBIT was impacted by Non-recurring items of positive €2 million, mainly due to an adjustment of provisions for restructuring expenses and relocation costs in connection with the closure of our production plants in Montataire, France, and Bari, Italy. Non-recurring items for Q2/2011 totalling negative €2 million had been related to the relocation of product lines within Germany, severance payments and expenses with respect to the combination of STILL and OM. In addition, KION acquisition items remained stable at €2 million in Q2/2012 and in Q2/2011.
Adjusted EBIT increased by €2 million to €27 million, compared to €26 million in Q2/2011. Adjusted EBIT margin grew from 6.2% in Q2/2011 to 6.5% in Q2/2012. Including amortization and depreciation, the STILL segment achieved an Adjusted EBITDA of €55 million and an Adjusted EBITDA margin of 13.1%, compared to an Adjusted EBITDA of €52 million and an Adjusted EBITDA margin of 12.5% in Q2/2011.
|
Quarterly information - STILL - | ||||||
|
€ million |
Q2 |
Q2 |
Change |
Q1-Q2 |
Q1-Q2 |
Change |
|
|
|
|
|
|
|
|
|
Order intake |
422 |
438 |
-3.5% |
852 |
885 |
-3.7% |
|
Revenue |
417 |
416 |
0.2% |
829 |
816 |
1.7% |
|
EBIT |
28 |
22 |
25.8% |
48 |
37 |
29.5% |
|
Adjusted EBIT |
27 |
26 |
6.3% |
53 |
45 |
19.4% |
|
EBITDA |
57 |
50 |
14.1% |
106 |
93 |
13.4% |
|
Adjusted EBITDA |
55 |
52 |
4.6% |
108 |
98 |
9.5% |
|
|
|
|
|
|
|
|
|
EBIT Margin (Adj.) |
6.5% |
6.2% |
– |
6.4% |
5.5% |
– |
|
EBITDA Margin (Adj.) |
13.1% |
12.5% |
– |
13.0% |
12.0% |
– |
Q1-2/2012 – STILL Segment
STILL Segment: Revenue
The segment’s performance in its German, Eastern European and Brazilian markets in Q1-2/2012 led to a slight increase in the STILL segment’s revenue by 2% to €829 million, compared to €816 million in Q1-2/2011.
STILL Segment: EBIT, Adjusted EBIT and Adjusted EBITDA
Backed by growing revenue and driven by efficiency gains and cost savings, the EBIT of the STILL segment increased by 29% or €11 million to €48 million in Q1-2/2012 from €37 million in Q1-2/2011. In Q1-2/2012, EBIT was impacted by Non-recurring items of negative €2 million, mainly relating to the concentration of production facilities in Europe and the closure of our plants in Montataire, France, and Bari, Italy. Non-recurring items for Q1-2/2011 totalling negative €4 million had mainly been related to relocation costs, severance payments and expenses for the combination of the STILL and OM brands. In addition, KION acquisition items amounted to negative €3 million in Q1-2/2012 and remained unchanged compared to Q1-2/2011.
Adjusted EBIT grew to €53 million, compared to €45 million in Q1-2/2011. Adjusted EBIT margin grew correspondingly from 5.5% in Q1-2/2011 to 6.4% in Q1-2/2012. Including amortization and depreciation, the STILL segment generated an Adjusted EBITDA of €108 million and an Adjusted EBITDA margin of 13.0% in Q1-2/2012, compared to an Adjusted EBITDA of €98 million in Q1-2/2011 and an Adjusted EBITDA margin of 12.0%.
Q2/2012 – Segment Other
The segment Other includes our KION Group IT services, logistics services, our head office and financing companies or financing functions in Germany, France, Spain and the United Kingdom as well as our regional brand, Voltas, in India. The consolidation effects reflect cross-segment revenue, inter-segment sales of inventories, income from investments and other internal cost transfers. Starting in May 2011 our new brand Voltas in India has been included in the segment Other.
Segment Other: Revenue
The segment Other increased its order intake and revenues by €6 million to €59 million in Q2/2012 from €53 million in Q2/2011. The vast majority of both order intake and revenue was driven by internal services as described above. Additionally, since May 2011 Voltas Material Handling in India has contributed to the rise in the segment’s order intake and revenue.
Segment Other: EBIT, Adjusted EBIT and Adjusted EBITDA
EBIT amounted to €8 million in Q2/2012, compared to €10 million in Q2/2011. Non-recurring items in Q2/2012 amounted to negative €6 million and remained stable compared to Q2/2011, in both periods driven by consulting expenses. Adjusted EBIT amounted to €14 million in Q2/2012 compared to €16 million in Q2/2011. The segment Other achieved an Adjusted EBITDA of €18 million in Q2/2012, down from €20 million in Q2/2011.
|
Quarterly information - Other - | ||||||
|
€ million |
Q2 |
Q2 |
Change |
Q1-Q2 |
Q1-Q2 |
Change |
|
|
|
|
|
|
|
|
|
Order intake |
59 |
53 |
11.7% |
118 |
100 |
18.1% |
|
Revenue |
59 |
53 |
11.7% |
118 |
100 |
18.1% |
|
EBIT |
8 |
10 |
-24.8% |
-0 |
3 |
<-100% |
|
Adjusted EBIT |
14 |
16 |
-15.6% |
9 |
12 |
-26.5% |
|
EBITDA |
12 |
14 |
-14.5% |
8 |
11 |
-26.7% |
|
Adjusted EBITDA |
18 |
20 |
-10.2% |
17 |
20 |
-11.7% |
Q1-2/2012 – Segment Other
Segment Other: Revenue
The segment Other increased its order intake and revenues by €18 million to €118 million in Q1-2/2012 from €100 million in Q1-2/2011. The vast majority of both order intake and revenue for the six month periods has still been driven by internal services, however, our brand Voltas in India has increasingly contributed to segment growth.
Segment Other: EBIT, Adjusted EBIT and Adjusted EBITDA
In Q1-2/2012, EBIT was approximately nil, compared to €3 million in Q1-2/2011. Non-recurring items in Q1-2/2012 amounted to negative €8 million compared to negative €7 million in Q1-2/2011, in both cases driven by consulting expenses. Adjusted EBIT amounted to €9 million in Q1-2/2012 compared to €12 million in Q1-2/2011. The segment Other achieved an Adjusted EBITDA of €17 million in Q1-2/2012. In Q1-2/2011 the segment Other achieved an Adjusted EBITDA of €20 million.