Industrial Trucks & Services segment

Business performance and order intake

Order numbers in the new truck business increased sharply to 67.6 thousand units, reflecting the growth of the market on the back of pent-up demand. The 47.3 percent rise in the number of new trucks ordered compared with the first quarter of 2020 was attributable to healthy demand in all product categories. Order numbers almost doubled in the APAC region. The increase in the EMEA region was much more moderate but outstripped the market growth of counterbalance trucks. The Americas region registered very substantial growth compared with the first three months of 2020.

The value of order intake rose by 28.7 percent to €1,800.4 million (Q1 2020: €1,398.7 million). Currency effects reduced order intake by a total of €28.7 million.

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Key figures − Industrial Trucks & Services

in € million

Q1 2021

Q1 20201

Change

Order intake

1,800.4

1,398.7

28.7%

Total revenue

1,518.7

1,447.3

4.9%

Order book2

1,659.2

1,384.1

19.9%

EBITDA

316.3

282.6

11.9%

Adjusted EBITDA

315.2

282.6

11.5%

EBIT

131.1

97.7

34.2%

Adjusted EBIT

131.0

98.0

33.7%

 

 

 

 

Adjusted EBITDA margin

20.8%

19.5%

–

Adjusted EBIT margin

8.6%

6.8%

–

1

Effective January 1, 2021, the logistics service companies were transferred from the Corporate Services segment to the Industrial Trucks & Services segment. The 2020 segment figures have been adjusted accordingly.

2

Figure as at Mar. 31, 2021 compared with Dec. 31, 2020

Revenue

The segment’s total revenue rose by 4.9 percent, from €1,447.3 million in the first quarter of 2020 to €1,518.7 million in the period under review. The revenue earned from new trucks remained at the level of the prior-year period. By contrast, the service business notched up strong growth of 9.6 percent that was mainly driven by the increase in aftersales business and used truck business.

The proportion of the segment’s external revenue accounted for by the service business thus rose to 52.7 percent (Q1 2020: 50.4 percent). Currency effects reduced segment revenue by €22.1 million.

Earnings

The segment’s adjusted EBIT went up by 33.7 percent to €131.0 million in the first three months of 2021 (Q1 2020: €98.0 million). This improvement was due to the increase in revenue and, in particular, the slower rise in fixed costs. As a result, the segment’s adjusted EBIT margin jumped to 8.6 percent (Q1 2020: 6.8 percent). After taking into account non-recurring items and purchase price allocation effects, EBIT rose to €131.1 million (Q1 2020: €97.7 million). Adjusted EBITDA increased to €315.2 million (Q1 2020: €282.6 million), giving an adjusted EBITDA margin of 20.8 percent (Q1 2020: 19.5 percent).

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