Earnings
EBIT and EBITDA
Earnings before interest and tax (EBIT) went up by 61.1 percent year on year to reach €193.5 million (Q1 2020: €120.2 million). EBIT included budgeted negative effects from purchase price allocations totaling €21.0 million (Q1 2020: €22.1 million). Non-recurring items amounting to an expense of €0.5 million were also recognized in the period under review (Q1 2020: €1.8 million). EBIT adjusted for non-recurring items and purchase price allocation effects (adjusted EBIT) jumped by 49.2 percent to €215.0 million (Q1 2020: €144.0 million). The adjusted EBIT margin improved to 9.1 percent (Q1 2020: 7.1 percent).
|
in € million |
Q1 2021 |
in % of revenue |
Q1 2020 |
in % of revenue |
|---|---|---|---|---|
|
EBIT |
193.5 |
8.1% |
120.2 |
5.9% |
|
Adjustment by functional costs: |
|
|
|
|
|
+ Cost of sales |
9.5 |
0.4% |
10.0 |
0.5% |
|
+ Selling expenses and administrative expenses |
14.4 |
0.6% |
13.7 |
0.7% |
|
+ Research and development costs |
0.0 |
0.0% |
0.1 |
0.0% |
|
+ Other costs |
–2.5 |
–0.1% |
0.1 |
0.0% |
|
Adjusted EBIT |
215.0 |
9.1% |
144.0 |
7.1% |
|
adjusted for non-recurring items |
0.5 |
0.0% |
1.8 |
0.1% |
|
adjusted for PPA items |
21.0 |
0.9% |
22.1 |
1.1% |
Earnings before interest, tax, depreciation, and amortization (EBITDA) rose to €421.3 million (Q1 2020: €349.2 million). Adjusted EBITDA increased to €421.9 million (Q1 2020: €351.0 million), giving an adjusted EBITDA margin of 17.8 percent (Q1 2020: 17.3 percent).
|
in € million |
Q1 2021 |
in % of revenue |
Q1 2020 |
in % of revenue |
|---|---|---|---|---|
|
EBITDA |
421.3 |
17.7% |
349.2 |
17.2% |
|
Adjustment by functional costs: |
|
|
|
|
|
+ Cost of sales |
0.0 |
0.0% |
0.0 |
0.0% |
|
+ Selling expenses and administrative expenses |
3.0 |
0.1% |
1.7 |
0.1% |
|
+ Research and development costs |
0.0 |
0.0% |
0.0 |
0.0% |
|
+ Other costs |
–2.4 |
–0.1% |
0.1 |
0.0% |
|
Adjusted EBITDA |
421.9 |
17.8% |
351.0 |
17.3% |
|
adjusted for non-recurring items |
0.6 |
0.0% |
1.8 |
0.1% |
|
adjusted for PPA items |
0.0 |
0.0% |
0.0 |
0.0% |
EBITDA for the long-term leasing business, which is derived from internal reporting and assumes a minimum rate of return on the capital employed, amounted to €85.4 million in the reporting period (Q1 2020: €85.1 million).