Financial Services segment

The Financial Services (FS) segment is the central financing partner for end-customer leasing and short-term rental fleet financing for the LMH and STILL brand segments. It again benefited from growing internal and external demand for financing solutions in the first three months of 2015. Segment revenue, including internal revenue from the financing of the LMH and STILL segments’ short-term rental fleet, advanced by 6.0 per cent to €147.3 million. External revenue from customers climbed by 10.0 per cent to €85.0 million. At €1,412.2 million, the FS segment’s assets were up slightly compared with the end of last year (31 December 2014: €1,361.3 million) and up significantly year on year due to the increase in the volume of orders (31 March 2014: €1,257.8 million).

Earnings before tax were unchanged year on year at €1.3 million. As at 31 March 2015, the FS segment had intra-group lease receivables of €489.3 million from the LMH and STILL brand segments relating to the intra-group financing of the short-term rental fleet (31 December 2014: €473.0 million; 31 March 2014: €450.0 million). The funding of intra-group long-term leases (finance leases) with LMH and STILL resulted in lease liabilities of €350.4 million (31 December 2014: €334.5 million; 31 March 2014: €317.4 million). Net financial debt amounted to €169.7 million at the end of the reporting period (31 December 2014: €155.1 million; 31 March 2014: €150.3 million). The return on equity (ROE) of 13.3 per cent was almost the same as at the end of last year (31 December 2014: 13.0 per cent). > TABLE 10