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 31 March 2018. The long-term leasing business had a positive impact on the KION Group’s financial performance in the first three months of the year ( > TABLE 13) 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 fell to €388.2 million (31 December 2017: €481.6 million). > TABLE 15
Profitability of long-term leasing business |
13 |
||||
in € million |
Q1 2018 |
Q1 2017* |
Change |
||
|
|||||
Revenue |
239.5 |
202.3 |
18.4% |
||
Adjusted EBITDA |
79.0 |
73.0 |
8.2% |
||
Adjusted EBIT |
3.5 |
3.0 |
15.0% |
||
Earnings before taxes (EBT) |
2.0 |
1.9 |
10.5% |
Financial position of long-term leasing business |
14 |
||||
in € million |
31/03/2018 |
31/12/2017* |
Change |
||
|
|||||
Liabilities to banks (gross) |
388.2 |
481.6 |
–19.4% |
||
Liabilities from financial services |
652.0 |
437.4 |
49.1% |
||
Lease liabilities |
988.7 |
1,131.1 |
–12.6% |
||
Calculatory equity |
71.2 |
71.9 |
–1.0% |
||
Total |
2,100.1 |
2,122.0 |
–1.0% |
||
|
|
|
|
||
Leased assets |
1,221.8 |
1,246.3 |
–2.0% |
||
Lease receivables |
878.3 |
875.8 |
0.3% |
||
Total |
2,100.1 |
2,122.0 |
–1.0% |
Refinancing of long-term leasing business |
15 |
|||||
|
31/03/2018 |
31/12/2017* |
||||
in € million |
KION Group |
thereof non-current leasing business |
KION Group |
thereof non-current leasing business |
||
|
||||||
Liabilities to banks (gross) |
1,328.4 |
388.2 |
1,259.6 |
481.6 |
||
Promissory note (gross) |
1,010.0 |
– |
1,010.0 |
– |
||
Other financial liabilities to non-banks |
8.8 |
– |
7.7 |
– |
||
./. Capitalised borrowing costs |
–8.1 |
– |
–8.6 |
– |
||
Financial liabilities |
2,339.1 |
388.2 |
2,268.7 |
481.6 |
||
|
|
|
|
|
||
./. Cash and cash equivalents |
–220.2 |
– |
–173.2 |
– |
||
Net financial liabilities |
2,118.9 |
388.2 |
2,095.5 |
481.6 |
||
|
|
|
|
|
||
Lease liabilities |
988.7 |
988.7 |
1,131.1 |
1,131.1 |
||
Liabilities from financial services |
747.7 |
652.0 |
437.4 |
437.4 |
||
Liabilities from short-term rental financing |
386.9 |
– |
515.7 |
– |
||
Liabilities from rental and leasing business |
2,123.3 |
1,640.7 |
2,084.2 |
1,568.5 |
||
|
|
|
|
|
||
Net liabilities from procurement leases |
23.1 |
– |
21.7 |
– |
||
Net operating debt |
4,265.3 |
2,028.9 |
4,201.4 |
2,050.1 |