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. The portfolio of the long-term leasing business, which supports the KION Group’s sales activities, continued to be focused predominantly in western Europe as at 30 September 2017. The long-term leasing business had a positive impact on the KION Group’s financial performance ( > TABLE 13) in the first nine months of 2017 and also influenced its financial position ( > TABLE 14). 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. Net financial debt relating to the long-term leasing business increased to €130.6 million (31 December 2016: €106.3 million). > TABLE 15
Profitability of long-term leasing business |
13 |
|||||
in € million |
Q3 2017 |
Q3 2016 |
Change |
Q1 – Q3 2017 |
Q1 – Q3 2016 |
Change |
Revenue |
145.2 |
124.7 |
16.5% |
375.1 |
331.8 |
13.1% |
Adjusted EBITDA |
30.2 |
25.8 |
17.3% |
88.3 |
73.2 |
20.7% |
Adjusted EBIT |
0.1 |
1.2 |
–89.9% |
2.3 |
4.2 |
–44.3% |
Earnings before taxes (EBT) |
1.3 |
1.2 |
11.9% |
3.7 |
3.2 |
15.4% |
Financial position of long-term leasing business |
14 |
||
in € million |
30/09/2017 |
31/12/2016 |
Change |
Liabilities to banks |
130.6 |
106.3 |
22.9% |
Liabilities from financial services |
33.7 |
8.3 |
>100% |
Lease liabilities |
1,060.0 |
1,007.2 |
5.2% |
Calculatory equity |
43.0 |
39.4 |
9.2% |
Total |
1,267.3 |
1,161.2 |
9.1% |
|
|
|
|
Leased assets |
483.4 |
429.7 |
12.5% |
Lease receivables |
783.9 |
731.5 |
7.2% |
Total |
1,267.3 |
1,161.2 |
9.1% |
Refinancing of long-term leasing business |
15 |
|||
|
30/09/2017 |
31/12/2016 |
||
in € million |
KION Group |
thereof non-current leasing business |
KION Group |
thereof non-current leasing business |
Liabilities to banks |
1,505.1 |
130.6 |
3,188.6 |
106.3 |
Promissory note – gross |
1,010.0 |
– |
– |
– |
Other financial liabilities to non-banks |
7.2 |
– |
7.2 |
– |
./. Capitalised borrowing costs |
–9.9 |
– |
–12.9 |
– |
Financial liabilities |
2,512.3 |
130.6 |
3,183.0 |
106.3 |
|
|
|
|
|
./. Cash and cash equivalents |
–187.9 |
– |
–279.6 |
– |
Net financial liabilities |
2,324.4 |
130.6 |
2,903.4 |
106.3 |
|
|
|
|
|
Lease liabilities |
1,060.0 |
1,060.0 |
1,007.2 |
1,007.2 |
Liabilities from financial services |
33.7 |
33.7 |
8.3 |
8.3 |
Interest-bearing net liabilities |
3,418.1 |
1,224.4 |
3,918.9 |
1,121.8 |
|
|
|
|
|
Liabilities from short-term rental financing |
469.3 |
– |
456.7 |
– |
Liabilities from procurement leases |
27.0 |
– |
21.0 |
– |
Liabilities from finance leases |
496.3 |
– |
477.7 |
– |
Net operating debt |
3,914.5 |
1,224.4 |
4,396.6 |
1,121.8 |