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 |