Overall assessment of the economic situation
In the first six months of 2015, the KION Group was able to maintain its growth at the prior-year level. The operating segments increased their revenue and order intake in the second quarter, thereby outstripping growth in the overall global market. The strength of business in western Europe and Asia was the main driver. There were also further positive currency effects, although they were largely negated in EBIT due to a countervailing cost effect.
Adjusted EBIT advanced by 6.6 per cent compared with the first half of 2014, although this was slightly below the improvement in revenue of 8.4 per cent. Expenses of €6.5 million for a payment to a former dealer in France following a court ruling meant that the adjusted EBIT margin remained on a par with the prior-year period. The improved level of net financial expenses achieved by optimising the funding provided an extra boost. Earnings per share came to €0.94, which was considerably higher than the figure for the first half of last year of €0.60.
Level of orders
Order intake rose by 8.2 per cent or €193.6 million to €2,565.2 million in the first half of 2015. Both operating segments saw their order intake climb year on year. Currency effects contributed €78.2 million to the increase.
The number of trucks ordered increased to 85.4 thousand trucks, which was 6.9 per cent higher than in the first half of 2014. The KION Group therefore outperformed the global market as a whole and expanded its market share. In western Europe, the KION Group grew at a slightly faster pace than the overall market in the second quarter, but over the six-month period as a whole its growth of 10.6 per cent was a little below that of the market. Business in Russia declined, mirroring the level of market demand, although the KION Group was able to derive greater benefit from good growth in other eastern European markets. The KION Group bucked the market trend in China by generating growth.
The number of trucks ordered in Brazil continued to fall, reflecting conditions in that market.
The total value of the order book amounted to €927.6 million, a substantial increase of 21.4 per cent on the value at the end of last year (31 December 2014: €764.1 million).