Industrial Trucks & Services segment
Business performance and order intake
In terms of order numbers, new truck business in the Industrial Trucks & Services segment outperformed the global market in all key sales regions except China. Whereas the global market declined by 4.4 per cent, unit sales in the segment, at 157.6 thousand, were almost level with the high figure reported for the first nine months of 2018 (down by 1.1 per cent). Of the total number of orders, 62.2 per cent were accounted for by the Linde brand including Fenwick, 31.1 per cent by the STILL brand and the remaining 6.7 per cent by the Baoli and OM Voltas brands. The value of order intake rose by 2.0 per cent to €4,577.5 million (Q1 – Q3 2018: €4,486.4 million). > TABLE 07
in € million |
Q3 2019 |
Q3 2018 |
Change |
Q1 – Q3 2019 |
Q1 – Q3 2018 |
Change |
||||||
Order intake |
1,493.8 |
1,454.8 |
2.7% |
4,577.5 |
4,486.4 |
2.0% |
||||||
Total revenue |
1,552.8 |
1,417.9 |
9.5% |
4,699.6 |
4,236.2 |
10.9% |
||||||
EBITDA |
348.0 |
325.0 |
7.1% |
1,027.5 |
944.3 |
8.8% |
||||||
Adjusted EBITDA |
348.2 |
326.0 |
6.8% |
1,027.4 |
945.0 |
8.7% |
||||||
EBIT |
169.4 |
156.2 |
8.4% |
495.7 |
429.5 |
15.4% |
||||||
Adjusted EBIT |
169.8 |
157.4 |
7.8% |
496.3 |
441.6 |
12.4% |
||||||
|
|
|
|
|
|
|
||||||
Adjusted EBITDA margin |
22.4% |
23.0% |
– |
21.9% |
22.3% |
– |
||||||
Adjusted EBIT margin |
10.9% |
11.1% |
– |
10.6% |
10.4% |
– |
Revenue
Segment revenue rose by 10.9 per cent to €4,699.6 million (Q1 – Q3 2018: €4,236.2 million). This was primarily driven by the 16.4 per cent increase in revenue from new truck business. All product categories saw increases in the reporting period. Revenue from the service business for the nine-month period was up by 5.6 per cent year on year. As a result of the disproportionately strong growth of new business, the share of external segment revenue accounted for by the service business fell to 47.8 per cent (Q1 – Q3 2018: 50.2 per cent).
Earnings
Adjusted EBIT grew by 12.4 per cent to €496.3 million (Q1 – Q3 2018: €441.6 million). At 10.6 per cent, the adjusted EBIT margin of the segment was in double figures (Q1 – Q3 2018: 10.4 per cent). Fallout from the bottlenecks at suppliers that had materialised in 2018 no longer had any significant impact on segment earnings. After taking into account non-recurring items and purchase price allocation effects, EBIT amounted to €495.7 million (Q1 – Q3 2018: €429.5 million).
Adjusted EBITDA rose to €1,027.4 million (Q1 – Q3 2018: €945.0 million). This equated to an adjusted EBITDA margin of 21.9 per cent (Q1 – Q3 2018: 22.3 per cent).