Industrial Trucks & Services segment
Business performance and order intake
In the first quarter of the year, orders for new trucks in the Industrial Trucks & Services segment rose by 7.3 per cent to 53.5 thousand units. The EMEA and Americas regions outperformed their respective markets. Segment orders for electric forklift trucks and warehouse trucks saw a particularly sharp increase, partly because of product launches, whereas orders for diesel trucks were roughly on a par with the prior-year figure. Of the total number of orders, 62 per cent was accounted for by the Linde brand including Fenwick, 31 per cent by the STILL brand including OM STILL and the remaining 7 per cent by the brands Baoli and OM Voltas. The total value of order intake rose by 5.0 per cent to €1,485.2 million (Q1 2017: €1,414.6 million). Currency effects in certain currency areas reduced the value of order intake in the segment by a total of €32.0 million. > TABLE 07
Key figures – Industrial Trucks & Services |
07 |
||||
in € million |
Q1 2018 |
Q1 2017* |
Change |
||
|
|||||
Order intake |
1,485.2 |
1,414.6 |
5.0% |
||
Total revenue |
1,368.8 |
1,314.1 |
4.2% |
||
EBITDA |
302.4 |
275.1 |
9.9% |
||
Adjusted EBITDA |
301.0 |
275.6 |
9.2% |
||
EBIT |
137.1 |
126.3 |
8.6% |
||
Adjusted EBIT |
135.9 |
127.0 |
7.0% |
||
|
|
|
|
||
Adjusted EBITDA margin |
22.0% |
21.0% |
– |
||
Adjusted EBIT margin |
9.9% |
9.7% |
– |
||
Revenue
The increase in orders for new trucks was reflected in revenue growth, although currency effects did have a negative impact in the period under review. In addition, delivery bottlenecks at several suppliers to the Industrial Trucks & Services segment led to substantial production delays during the first quarter. At €1,368.8 million, segment revenue was up by a total of 4.2 per cent on the prior-year period (Q1 2017: €1,314.1 million). The overall volume of service business increased by 5.6 per cent, with aftersales and the rental business the main contributors. The service business accounted for 50.6 per cent of segment revenue in the first quarter (Q1 2017: 49.9 per cent).
Earnings
The growth in revenue meant that adjusted EBIT, at €135.9 million, was up by 7.0 per cent on the prior-year period (Q1 2017: €127.0 million). The adjusted EBIT margin for this segment was 9.9 per cent (Q1 2017: 9.7 per cent). After taking into account non-recurring items and purchase price allocation effects, EBIT came to €137.1 million (Q1 2017: €126.3 million).
Adjusted EBITDA stood at €301.0 million (Q1 2017: €275.6 million). This equated to an adjusted EBITDA margin of 22.0 per cent (Q1 2017: 21.0 per cent).