STILL segment

Business performance and order intake

The STILL segment, which comprises the STILL and OM STILL brand companies, performed encouragingly in 2013, increasing the total value of its order intake by 2.6 per cent to €1,692.0 million (2012: €1,648.6 million) despite the negative impact of currency effects. The order volume bucked the trend in the declining German market and remained largely stable, whereas there were decreases in the United Kingdom and Spain. By contrast, Italy and France experienced a strong uptrend. STILL’s orders were up significantly in eastern Europe – thanks in part to the expansion of sales in Russia and Turkey – and Brazil, and the segment also gained market share in these regions.

Additions to STILL’s product range included a diesel truck in the RX 70 series that has a load capacity of four to eight tonnes. A new series of trucks with internal combustion engines was introduced to cater specifically to the needs of customers in the South American market.

Revenue

Revenue advanced by 2.4 per cent to €1,717.5 million (2012: €1,676.6 million), with gains for both new truck business and service business. The strongest revenue growth was generated in Russia and Brazil, although the devaluation of the Brazilian real eroded some of the gain. Despite the weak market environment, STILL also boosted its revenue in Germany and the rest of Europe due to both volume and price effects.

Earnings

Adjusted EBIT came to €123.9 million, which was just up on the previous year (2012: €122.2 million). The adjusted EBIT margin stood at 7.2 per cent, slightly below the margin of 7.3 per cent in 2012.

Adjusted EBITDA rose to €223.0 million (2012: €217.9 million), while the adjusted EBITDA margin remained unchanged year on year at 13.0 per cent. >> Table 022