The Financial Services (FS) segment is the central financing partner for the LMH and STILL brand segments’ end-customer leasing and financing of the short-term rental fleet. In the first quarter of 2014, the FS segment benefited from growing internal and external demand for financing. Long-term leasing with external end customers generated a volume of €77.3 million compared with €74.4 million in the prior-year period. Financing for short-term rental business grew at an even stronger rate. The LMH and STILL brand segments have operational responsibility for this business, which is recognised as intra-group revenue. External leasing business with end customers continued to be concentrated in western Europe. At €1,257.8 million, the FS segment’s assets were up slightly compared with the end of last year (31 December 2013: €1,249.4 million) and up significantly year on year due to the increase in the volume of orders (31 March 2013: €1,038.4 million).
Net interest income, which is one of the segment’s main sources of income, stood at €0.8 million and was therefore close to the figure for the first three months of 2013. Earnings before tax came to €1.3 million in the reporting period, which was largely unchanged on the €1.2 million reported in the first quarter of 2013. As at 31 March 2014, the FS segment had intra-group lease receivables of €450.0 million from the LMH and STILL brand segments relating to the intra-group financing of the short-term rental fleet (31 December 2013: €449.1 million; 31 March 2013: €372.1 million). The funding of intra-group long-term leases (finance leases) with LMH and STILL resulted in lease liabilities of €317.4 million (31 December 2013: €319.7 million; 31 March 2013: €262.1 million). Net financial debt amounted to €150.3 million at the end of the reporting period (31 December 2013: €163.6 million; 31 March 2013: €171.0 million). Return on equity (ROE) was 13.0 per cent, the same as it had been at the end of 2013. >> TABLE 10
Key figures − Financial Services − |
>>TABLE 10 |
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in € million |
Q1 2014 |
Q1 2013 |
Change |
||||||
|
|||||||||
|
|
|
|
||||||
Revenue |
139.0 |
114.2 |
21.7% |
||||||
Adjusted EBITDA |
18.3 |
14.9 |
22.6% |
||||||
Adjusted EBIT |
0.5 |
0.2 |
>100% |
||||||
Earings before taxes (EBT) |
1.3 |
1.2 |
10.1% |
||||||
|
|
|
|
||||||
Lease receivables1 |
911.3 |
751.8 |
21.2% |
||||||
thereof to third parties |
461.3 |
379.7 |
21.5% |
||||||
Lease liabilities2 |
948.6 |
750.0 |
26.5% |
||||||
thereof liabilities from funding of the short-term rental business |
317.4 |
262.1 |
21.1% |
||||||
Net financial debt |
150.3 |
171.0 |
–12.1% |
||||||
Equity |
41.2 |
37.6 |
9.6% |
||||||
|
|
|
|
||||||
Return on equity3 |
13.0% |
13.0% |
– |