Industrial Trucks and Services segment
Business performance and order intake
The Industrial Trucks & Services segment increased orders for new trucks by 7.9 per cent to 110.5 thousand units. Warehouse trucks and electric forklift trucks – a particularly important part of integrated supply chain solutions – saw a strong growth across all regions. Of the total number of orders, 61.9 per cent were accounted for by the Linde brand including Fenwick, 31.2 per cent by the STILL brand including OM STILL and the remaining 6.9 per cent by the Baoli and OM Voltas brands. The total value of order intake rose by 3.5 per cent to €3,031.6 million (H1 2017: €2,928.3 million). Currency effects reduced the value of order intake by €60.9 million.
Revenue
Despite noticeable delays to production and deliveries as a result of bottlenecks affecting individual suppliers, segment revenue rose by 3.9 per cent to €2,818.3 million (H1 2017: €2,712.2 million). Negative currency effects also impacted on total revenue in the Industrial Trucks & Services segment, reducing it by €59.3 million. Whereas the volume of revenue from new truck business held relatively steady compared with the prior-year period, the volume of service business went up by 6.4 per cent. As a result, the proportion of segment revenue attributable to the service business grew to 50.1 per cent (H1 2017: 48.9 per cent).
Earnings
The inefficiencies in production processes caused by bottlenecks at individual suppliers increasingly impacted the cost of sales during the reporting period. Earnings were also affected by higher material prices and wage cost rises. Adjusted EBIT came to €284.2 million, which was close to the figure for the prior-year period of €286.4 million. The adjusted EBIT margin for the segment fell by 0.5 percentage points to 10.1 per cent (H1 2017: 10.6 per cent). Taking into account non-recurring items and purchase price allocation effects, EBIT was down slightly at €273.2 million (H1 2017: €285.9 million).
Adjusted EBITDA rose to €619.0 million (H1 2017: €598.7 million). This equated to an adjusted EBITDA margin of 22.0 per cent (H1 2017: 22.1 per cent). > TABLE 08
Key figures – Industrial Trucks & Services |
08 |
|||||||
in € million |
Q2 2018 |
Q2 2017* |
Change |
Q1 – Q2 2018 |
Q1 – Q2 2017* |
Change |
||
|
||||||||
Order intake |
1,546.5 |
1,513.7 |
2.2% |
3,031.6 |
2,928.3 |
3.5% |
||
Total revenue |
1,449.6 |
1,398.1 |
3.7% |
2,818.3 |
2,712.2 |
3.9% |
||
EBITDA |
317.0 |
323.6 |
–2.0% |
619.3 |
598.6 |
3.5% |
||
Adjusted EBITDA |
318.0 |
323.1 |
–1.6% |
619.0 |
598.7 |
3.4% |
||
EBIT |
136.1 |
159.7 |
–14.7% |
273.2 |
285.9 |
–4.4% |
||
Adjusted EBIT |
148.2 |
159.4 |
–7.0% |
284.2 |
286.4 |
–0.8% |
||
|
|
|
|
|
|
|
||
Adjusted EBITDA margin |
21.9% |
23.1% |
– |
22.0% |
22.1% |
– |
||
Adjusted EBIT margin |
10.2% |
11.4% |
– |
10.1% |
10.6% |
– |
||