STILL segment

Business performance and order intake

The STILL segment enjoyed profitable growth in 2014. Order intake increased by 12.0 per cent to €1,895.1 million (2013: €1,692.0 million). The comparative order intake figures for 2013 were exceeded in all sales regions, except in South America. New truck orders grew by 7.9 per cent, roughly in line with market growth. Electric forklift trucks and warehouse technology accounted for a higher share of orders than before, whereas unit sales of diesel trucks declined. STILL notched up significant gains, especially in western Europe, with the segment outperforming the market in terms of order growth in a number of areas, notably in Scandinavia and Italy.

The acquisition of a majority stake in the dealer Arser in August 2013 had a positive impact on the order volume in Turkey. In June 2014, STILL signed up the French company A.PSV Diffusion as a new sales partner for the North African market. In April 2014, STILL opened a new European reconditioning centre for used trucks at Rokietnica in Poland. This centre has the capacity to recondition approximately 2,000 trucks each year and further reinforces the strong market position of this segment in eastern Europe. At the same time, product innovations such as a new series of tow tractor models helped to secure the positioning of STILL in the premium segment.

Revenue

Revenue in the STILL segment amounted to €1,850.7 million, exceeding the 2013 figure of €1,717.5 million by 7.8 per cent. Revenue from the new trucks business was up by 1.9 per cent year on year. In the service business, STILL generated significantly higher revenue than in 2013 in all categories (servicing, spare parts, rentals and used trucks), the overall year-on-year revenue growth amounting to 14.3 per cent.

Earnings

Adjusted EBIT for the segment grew in proportion to revenue and amounted to €133.6 million (2013: €123.9 million). The adjusted EBIT margin at 7.2 per cent remained at the same level as in 2013 (7.2 per cent). EBIT including non-recurring items improved year on year to €118.4 million (2013: €109.9 million).

Adjusted EBITDA rose to €240.4 million (2013: €223.0 million). The adjusted EBITDA margin remained unchanged at 13.0 per cent. > TABLE 022