Revenue

Consolidated revenue went up by 17.1 percent to €2,375.1 million in the first three months of 2021 (Q1 2020: €2,027.7 million). In the Industrial Trucks & Services segment, revenue generated from external customers rose by 4.9 percent to €1,516.1 million (Q1 2020: €1,445.9 million). The service business made a significant contribution to this rise, whereas revenue from new truck business was on a par with the first quarter of 2020. The Supply Chain Solutions segment increased its revenue by an exceptionally strong 47.6 percent to €856.5 million (Q1 2020: €580.4 million), primarily by working through the substantial order book that it had built up in the project business (business solutions) over the course of 2020. The segment’s service business saw its revenue fall slightly owing to exchange rates.

Overall, the proportion of consolidated revenue attributable to the service business declined from 44.7 percent in the prior-year period to 40.8 percent in the first quarter of 2021 due to the disproportionately strong growth of the project business in the Supply Chain Solutions segment. Currency effects reduced consolidated revenue by a total of €72.4 million.

Revenue by sales region

In the Industrial Trucks & Services segment, the EMEA region saw a moderate rise in revenue compared with the level in the generally weaker prior-year period. By contrast, the Americas region recorded a further decrease that was mainly due to negative currency effects. In the APAC region, revenue went up sharply thanks to particularly rapid market growth following the coronavirus pandemic. The Supply Chain Solutions segment increased its revenue significantly in all sales regions. Investment in new facilities and in the expansion of existing facilities by major e-commerce customers was the main reason for the continued robust revenue growth.