Overview
In an industrial truck market that has slightly declined during 2012, we managed to gain market share in all our global core regions and to further improve revenue and earnings.
Despite a 3% decline in the market, KION Group’s order intake of 107,000 units in Q1-3/2012 came very close to the Q1-3/2011 level of 107,800 units. Especially in Brazil, China and in Eastern Europe, we were able to perform considerably better than the market. Order intake on a value base marginally increased from €3,464 million in Q1-3/2011 to €3,487 million in Q1-3/2012.
On a quarterly basis, our order intake declined by 6% from 33,500 units in Q3/2011 to 31,500 units in Q3/2012, more strongly than the market, which diminished by 2%. The order intake on a value basis amounted to €1,077 million in Q3/2012 compared to €1,112 million in Q3/2011, a decline of 3%.
Group order book as of 30 September 2012 amounted to €925 million and thus remained only slightly below the very high level on 31 December 2011.
Group revenue improved in both comparison periods: It grew by 9% from €3,157 million in Q1-3/2011 to €3,439 million in Q1-3/2012, and by 8% from €1,044 million in Q3/2011 to €1,128 million in Q3/2012.
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KION Group key figures | ||||||
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€ million |
Q3 |
Q3 |
Change |
Q1-Q3 |
Q1-Q3 |
Change |
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|
|
|
|
|
|
|
Order intake |
1,077 |
1,112 |
-3.1% |
3,487 |
3,464 |
0.6% |
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Revenue |
1,128 |
1,044 |
8.1% |
3,439 |
3,157 |
8.9% |
|
EBIT |
80 |
63 |
25.9% |
276 |
222 |
24.2% |
|
Adjusted EBIT |
106 |
84 |
26.0% |
319 |
260 |
22.8% |
|
EBITDA |
168 |
146 |
14.8% |
532 |
466 |
14.2% |
|
Adjusted EBITDA |
185 |
160 |
15.6% |
548 |
482 |
13.8% |
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|
|
|
|
|
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Free cash flow |
31 |
30 |
2.1% |
39 |
50 |
-22.5% |
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EBIT Margin (Adj.) |
9.4% |
8.1% |
– |
9.3% |
8.2% |
– |
|
EBITDA Margin (Adj.) |
16.4% |
15.3% |
– |
15.9% |
15.3% |
– |
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 Q3/2011 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.