Financial markets

The KION Group bills the bulk of its revenue in euros; the proportion was 62.8 per cent in 2014 and was therefore unchanged compared with 2013. The remainder is billed in foreign currencies, notably the Chinese renminbi, pound sterling and the Brazilian real.

In the first half of 2014, the strong euro combined with the devaluation of currencies in relevant emerging markets had a negative impact on the KION Group’s order intake. In the second half of the year, however, the euro weakened as the monetary policy of the European Central Bank (ECB) became increasingly expansionary and the currency fell against other key reserve currencies.

Over the year, the euro fell by approximately 10 per cent against the Chinese renminbi but the average exchange rate for the year remained largely around the level of 2013. The pound sterling strengthened by approximately 5 per cent on average in 2014 whereas the Brazilian real lost further ground (down by around 9 per cent) despite the weakness of the euro. All things considered, changes in exchange rates only had a slight negative effect on the KION Group’s order intake, revenue and profits. > TABLE 015