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 Q3/2012, LMH showed continued resilience in the current market environment. The LMH segment, which includes the brands Linde, Fenwick and Baoli, generated a slightly lower order intake compared to the previous year quarter of 20,500 units (Q3/2011: 21,400 units). The order intake in the STILL segment, which also contains the Italian brand OM STILL, fell by 7% from 11,500 units in Q3/2011 to 10,700 units in Q3/2012. Total order intake on a value base, which includes all lines of business, remained almost stable for LMH at €733 million compared to €735 million in Q3/2011. The order intake for STILL decreased from €411 million in the previous year period to €380 million in Q3/2012.
In Q1-3/2012, the LMH segment generated a total order volume of 70,100 units, which is 2% or 1,400 units less compared to Q1-3/2011. In the LMH segment the IC-trucks generated the highest growth rates. Order volume in the STILL segment declined from 38,200 units in Q1-3/2011 to 35,600 in Q1-3/2012. On a value basis, LMH generated orders worth €2,366 million in Q1-3/2012 compared to €2,306 million in the previous year period. The order intake for STILL amounted to €1,232 million, down from €1,296 million in Q1-3/2011.
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 |
Q3 |
% of total |
Q3 |
% of total |
Q1-Q3 |
% of total |
Q1-Q3 |
% of total |
|
|
|
|
|
|
|
|
|
|
|
Order intake |
|
|
|
|
|
|
|
|
|
LMH |
733 |
68.0% |
735 |
66.1% |
2,366 |
67.8% |
2,306 |
66.6% |
|
STILL |
380 |
35.3% |
411 |
37.0% |
1,232 |
35.3% |
1,296 |
37.4% |
|
Other/Consolidation |
-35 |
-3.3% |
-34 |
-3.1% |
-110 |
-3.2% |
-137 |
-3.9% |
|
Total order intake |
1,077 |
100.0% |
1,112 |
100.0% |
3,487 |
100.0% |
3,464 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
LMH |
764 |
67.7% |
684 |
65.5% |
2,323 |
67.6% |
2,071 |
65.6% |
|
STILL |
404 |
35.8% |
396 |
38.0% |
1,233 |
35.9% |
1,212 |
38.4% |
|
Other/Consolidation |
-40 |
-3.5% |
-36 |
-3.5% |
-118 |
-3.4% |
-126 |
-4.0% |
|
Total revenue |
1,128 |
100.0% |
1,044 |
100.0% |
3,439 |
100.0% |
3,157 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
EBIT |
|
|
|
|
|
|
|
|
|
LMH |
73 |
91.1% |
57 |
89.2% |
240 |
87.0% |
198 |
89.0% |
|
STILL |
22 |
27.5% |
20 |
32.0% |
70 |
25.3% |
57 |
25.8% |
|
Other/Consolidation |
-15 |
-18.6% |
-13 |
-21.2% |
-34 |
-12.3% |
-33 |
-14.8% |
|
Total EBIT |
80 |
100.0% |
63 |
100.0% |
276 |
100.0% |
222 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
|
LMH |
127 |
75.4% |
108 |
74.0% |
396 |
74.4% |
347 |
74.4% |
|
STILL |
51 |
30.6% |
48 |
32.8% |
157 |
29.5% |
141 |
30.3% |
|
Other/Consolidation |
-10 |
-6.1% |
-10 |
-6.8% |
-21 |
-3.9% |
-22 |
-4.6% |
|
Total EBITDA |
168 |
100.0% |
146 |
100.0% |
532 |
100.0% |
466 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBIT |
|
|
|
|
|
|
|
|
|
LMH |
82 |
76.7% |
66 |
78.2% |
251 |
78.7% |
208 |
80.0% |
|
STILL |
32 |
29.7% |
23 |
27.6% |
85 |
26.6% |
68 |
26.1% |
|
Other/Consolidation |
-7 |
-6.4% |
-5 |
-5.8% |
-17 |
-5.3% |
-16 |
-6.2% |
|
Total adjusted EBIT |
106 |
100.0% |
84 |
100.0% |
319 |
100.0% |
260 |
100.0% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
LMH |
128 |
69.3% |
112 |
69.7% |
385 |
70.3% |
338 |
70.2% |
|
STILL |
59 |
31.9% |
50 |
31.1% |
167 |
30.4% |
148 |
30.7% |
|
Other/Consolidation |
-2 |
-1.1% |
-1 |
-0.8% |
-4 |
-0.7% |
-5 |
-1.0% |
|
Total adjusted EBITDA |
185 |
100.0% |
160 |
100.0% |
548 |
100.0% |
482 |
100.0% |
Q3/2012 – LMH Segment
LMH Segment: Revenue
Due to a solid demand for new trucks and services, especially from the UK, Germany and North America, the LMH segment increased its revenue by 12%, from €684 million in Q3/2011 to €764 million in Q3/2012.
LMH Segment: EBIT, Adjusted EBIT and Adjusted EBITDA
In Q3/2012, the EBIT in the LMH segment increased by €16 million or 29% to €73 million compared to €57 million in Q3/2011. In Q3/2012, Non-recurring charges amounted to €2 million primarily resulting from restructuring expenses. In Q3/2011, EBIT had included Non-recurring charges of €2 million, as well, mainly related to relocation costs and severance payments. KION acquisition items in Q3/2012 remained stable at €7 million.
Adjusted EBIT grew by €16 million to €82 million compared to €66 million in Q3/2011. Adjusted EBIT margin grew accordingly from 9.6% in Q3/2011 to 10.7% in Q3/2012.
Including depreciation and amortization costs, the LMH segment achieved an Adjusted EBITDA of €128 million and an Adjusted EBITDA margin of 16.8% compared to an Adjusted EBITDA of €112 million and an Adjusted EBITDA margin of 16.3% in Q3/2011.
|
Quarterly information - LMH - | ||||||
|
€ million |
Q3 |
Q3 |
Change |
Q1-Q3 |
Q1-Q3 |
Change |
|
|
|
|
|
|
|
|
|
Order intake |
733 |
735 |
-0.4% |
2,366 |
2,306 |
2.6% |
|
Revenue |
764 |
684 |
11.7% |
2,323 |
2,071 |
12.2% |
|
EBIT |
73 |
57 |
28.6% |
240 |
198 |
21.4% |
|
Adjusted EBIT |
82 |
66 |
23.5% |
251 |
208 |
20.8% |
|
EBITDA |
127 |
108 |
17.0% |
396 |
347 |
14.2% |
|
Adjusted EBITDA |
128 |
112 |
14.8% |
385 |
338 |
13.9% |
|
|
|
|
|
|
|
|
|
EBIT Margin (Adj.) |
10.7% |
9.6% |
– |
10.8% |
10.0% |
– |
|
EBITDA Margin (Adj.) |
16.8% |
16.3% |
– |
16.6% |
16.3% |
– |
Q1-3/2012 – LMH Segment
LMH Segment: Revenue
In Q1-3/2012, the LMH segment grew its revenue by 12% from €2,071 million in Q1-3/2011 to €2,323 million in Q1-3/2012. The segment considerably benefited from the high demand for LMH’s product and service offerings, especially from Germany, Western European countries and Asia.
LMH Segment: EBIT, Adjusted EBIT and Adjusted EBITDA
The EBIT in the LMH segment increased from €198 million in Q1-3/2011 by €42 million to €240 million in Q1-3/2012. In Q1-3/2012, EBIT was influenced by Non-recurring income of €10 million, primarily as a result of a €13 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 acquisition of the remainder of outstanding shares. Additionally, a €3 million profit was generated in Q1/2012 through property sales in connection with the closure of the plant in Basingstoke. These positive effects were partly compensated by follow-up costs due to footprint measures. In Q1-3/2011, Non-recurring income of €10 million had been due to remeasurements in connection with the Linde Sterling investment, effected in Q2/2011. KION acquisition items in Q1-3/2012 amounted to €21 million compared to €20 million in the previous year period.
Adjusted EBIT increased by €43 million to €251 million in Q1-3/2012 compared to €208 million in Q1-3/2011. Adjusted EBIT margin consequently rose from 10.0% in Q1-3/2011 to 10.8% in Q1-3/2012. The Adjusted EBITDA in the LMH segment amounted to €385 million and the Adjusted EBITDA margin to 16.6% in Q1-3/2012 compared to an Adjusted EBITDA of €338 million and an Adjusted EBITDA margin of 16.3% in Q1-3/2011.
Q3/2012 – STILL Segment
STILL Segment: Revenue
In Q3/2012, STILL generated slightly higher revenue of €404 million compared to €396 million in Q3/2011. This revenue increase mainly came from the Eastern European countries.
STILL Segment: EBIT, Adjusted EBIT and Adjusted EBITDA
The STILL segment’s EBIT increased by €2 million to €22 million in Q3/2012 due to efficiency gains and cost savings. In Q3/2012, EBIT was impacted by Non-recurring items of negative €8 million, mainly due to restructuring expenses and relocation costs in connection with the ceased production in Montataire and Bari. In Q3/2011, Non-recurring charges totalling €2 million had been related to relocation costs, severance payments and expenses with respect to the combination of STILL and OM. KION acquisition items amounted to €2 million in Q3/2012 compared to €1 million in the previous year period.
Adjusted EBIT increased by €8 million to €32 million in Q3/2012 compared to €23 million in Q3/2011. Adjusted EBIT margin grew correspondingly from 5.9% in Q3/2011 to 7.8% in Q3/2012.
Adding back amortization and depreciation, the STILL segment achieved an Adjusted EBITDA of €59 million and an Adjusted EBITDA margin of 14.6% compared to an Adjusted EBITDA of €50 million and an Adjusted EBITDA margin of 12.6% in Q3/2011.
|
Quarterly information - STILL - | ||||||
|
€ million |
Q3 |
Q3 |
Change |
Q1-Q3 |
Q1-Q3 |
Change |
|
|
|
|
|
|
|
|
|
Order intake |
380 |
411 |
-7.6% |
1,232 |
1,296 |
-4.9% |
|
Revenue |
404 |
396 |
2.0% |
1,233 |
1,212 |
1.8% |
|
EBIT |
22 |
20 |
8.4% |
70 |
57 |
22.0% |
|
Adjusted EBIT |
32 |
23 |
35.7% |
85 |
68 |
25.0% |
|
EBITDA |
51 |
48 |
7.4% |
157 |
141 |
11.4% |
|
Adjusted EBITDA |
59 |
50 |
18.3% |
167 |
148 |
12.4% |
|
|
|
|
|
|
|
|
|
EBIT Margin (Adj.) |
7.8% |
5.9% |
– |
6.9% |
5.6% |
– |
|
EBITDA Margin (Adj.) |
14.6% |
12.6% |
– |
13.5% |
12.2% |
– |
Q1-3/2012 – STILL Segment
STILL Segment: Revenue
In Q1-3/2012, the increase in the segment’s revenue of 2% to €1,233 million compared to €1,212 million in Q1-3/2011 was mainly generated through sales in Eastern Europe and the UK.
STILL Segment: EBIT, Adjusted EBIT and Adjusted EBITDA
Driven by efficiency gains and cost savings, the EBIT in the STILL segment increased by 22% or €13 million to €70 million in Q1-3/2012 from €57 million in Q1-3/2011. In Q1-3/2012, EBIT was impacted by Non-recurring charges of €10 million, mainly relating to the concentration of production facilities in Europe and the termination of our production in Montataire and Bari. In Q1-3/2011 Non-recurring items totalling negative €6 million had mainly been related to relocation costs, severance payments and expenses for the combination of the STILL and OM brands. KION acquisition items amounted to negative €5 million, both in Q1-3/2012 and in Q1-3/2011.
Adjusted EBIT in the segment grew to €85 million in Q1-3/2012 from €68 million in Q1-3/2011. The Adjusted EBIT margin consequently grew from 5.6% in Q1-3/2011 to 6.9% in Q1-3/2012.
Adding back amortization and depreciation, the STILL segment generated an Adjusted EBITDA of €167 million and an Adjusted EBITDA margin of 13.5% in Q1-3/2012 compared to an Adjusted EBITDA of €148 million in Q1-3/2011 and an Adjusted EBITDA margin of 12.2%.
Q3/2012 – Segment Other
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 UK 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.
Segment Other: Revenue
The segment Other increased its order intake from €44 million in Q3/2011 by 48% to €65 million in Q3/2012. Revenue grew from €57 million in the prior year quarter to €65 million in Q3/2012. The vast majority of both order intake and revenue was driven by internal services as described above. Additionally, Voltas Material Handling in India contributed to the rise in the segment’s order intake and revenue.
Segment Other: EBIT, Adjusted EBIT and Adjusted EBITDA
EBIT in the segment Other amounted to negative €2 million in Q3/2012 compared to negative €7 million in Q3/2011. The Non-recurring items in Q3/2012 amounted to negative €8 million and remained stable compared to Q3/2011. In both periods, Non-recurring charges resulted from administration expenses, e.g. consulting fees. Adjusted EBIT grew to €6 million in Q3/2012 compared to €2 million in Q3/2011. The segment Other achieved an Adjusted EBITDA of €11 million in Q3/2012 up from €5 million in Q3/2011.
|
Quarterly information - Other - | ||||||
|
€ million |
Q3 |
Q3 |
Change |
Q1-Q3 |
Q1-Q3 |
Change |
|
|
|
|
|
|
|
|
|
Order intake |
65 |
44 |
48.1% |
183 |
143 |
27.3% |
|
Revenue |
65 |
57 |
13.1% |
183 |
157 |
16.3% |
|
EBIT |
-2 |
-7 |
68.6% |
-2 |
-3 |
24.5% |
|
Adjusted EBIT |
6 |
2 |
>100% |
15 |
14 |
7.5% |
|
EBITDA |
3 |
-3 |
>100% |
11 |
8 |
35.5% |
|
Adjusted EBITDA |
11 |
5 |
99.9% |
28 |
25 |
12.2% |
Q1-3/2012 – Segment Other
Segment Other: Revenue
The segment Other increased its order intake from €143 million in Q1-3/2011 to €183 million in Q1-3/2012. Revenue grew by €26 million to €183 million in Q1-3/2012 from €157 million in Q1-3/2011. The vast majority of order intake and revenue for both periods was still driven by internal services. However, our brand Voltas in India increasingly contributed to segment growth.
Segment Other: EBIT, Adjusted EBIT and Adjusted EBITDA
In Q1-3/2012, EBIT amounted to negative €2 million compared to negative €3 million in Q1-3/2011. The Non-recurring charges in Q1-3/2012 amounted to €16 million and remained stable compared to Q1-3/2011, in both cases mainly driven by consulting expenses. Adjusted EBIT amounted to €15 million in Q1-3/2012 compared to €14 million in Q1-3/2011. The segment Other achieved an Adjusted EBITDA of €28 million in Q1-3/2012. In Q1-3/2011, the segment Other had generated an Adjusted EBITDA of €25 million.