Long-term leasing business

The sales activities of the KION Group are supported by financial services in connection with direct long-term leasing business. In this business, trucks leased directly to the end customer are refinanced by the KION Group. As in 2015, a large proportion of the portfolio was focused on business in western Europe. The contribution made by the long-term leasing business in 2016 to the financial performance and financial position of the KION Group is shown in > TABLE 029 and > TABLE 030. This information is taken from the internal reporting system and is determined using the assumption of a minimum rate of return on the capital employed. The increase of €7.3 million in net financial debt relating to long-term leasing business to €106.3 million (31 December 2015: €99.0 million) was attributable to the expansion in business activities. > TABLE 031

Profitability of long-term leasing business

029

in € million

2016

2015

Revenues

480.5

444.4

Adjusted EBITDA

99.8

87.5

Adjusted EBIT

4.0

5.4

Earnings before taxes (EBT)

4.5

3.9

Financial position of long-term leasing business

030

in € million

2016

2015

Liabilities to banks

106.3

99.0

Liabilities from financial services

8.3

Lease liabilities

1,007.2

855.6

Calculatory equity

39.4

33.5

Total

1,161.2

988.1

 

 

 

Leased assets

429.7

334.4

Lease receivables

731.5

653.7

Total

1,161.2

988.1

Refinancing of long-term leasing business

031

in € million

2016

2015

KION Group

thereof non-current leasing business

KION Group

thereof non-current leasing business

Liabilities to banks

3,188.6

106.3

225.9

99.0

Corporate bond (2013/2020) – fixed rate

450.0

Other financial liabilities to non-banks

7.2

6.2

./. Capitalised borrowing costs

–12.9

–5.5

Financial liabilities

3,183.0

106.3

676.5

99.0

 

 

 

 

 

./. Cash and cash equivalents

–279.6

–103.1

Net financial liabilities

2,903.4

106.3

573.5

99.0

 

 

 

 

 

Lease liabilities

1,007.2

1,007.2

855.6

855.6

Liabilities from financial services

8.3

8.3

Interest-bearing net liabilities

3,918.9

1,121.8

1,429.1

954.6

 

 

 

 

 

Liabilities from short-term rental financing

456.7

421.0

Liabilities from procurement leases

21.0

18.1

Liabilities from finance leases

477.7

439.0

Net operating debt

4,396.6

1,121.8

1,868.1

954.6