Revenue

Consolidated revenue went up by 15.1 percent year on year to €2,734.5 million (Q1 2021: €2,375.1 million). In the Industrial Trucks & Services segment, revenue generated from external customers rose by 13.2 percent to €1,716.3 million (Q1 2021: €1,516.1 million). The year-on-year increase in revenue was due to the plentiful level of orders on the books at the end of 2021. However, ongoing disruptions to the supply of bought-in parts, especially in the EMEA region, resulted in persistent delays to the delivery of new trucks and thus held back revenue growth. As a result, the scheduled price increases carried out in the fourth quarter of 2021 did not yet have any influence on revenue for the quarter in the ITS segment. Once again, the service business achieved very satisfying revenue growth in the first quarter of 2022.

In the Supply Chain Solutions segment, revenue from external customers rose by 18.8 percent to €1,017.7 million (Q1 2021: €856.5 million). The segment achieved this sharp rise in revenue by working through the plentiful order book, especially in the project business (business solutions), although the supply chain disruptions also resulted in delays to projects. The continued growth of the service business also contributed to the segment’s rise in revenue.

Overall, the proportion of consolidated revenue attributable to the service business stood at 40.2 percent (Q1 2021: 40.8 percent).

Currency effects increased consolidated revenue by €73.4 million overall.

Revenue by sales region

In the Industrial Trucks & Services segment, the bulk of the revenue growth in the quarter under review was attributable to the EMEA sales region, which is the main sales region, and to the Americas region. The APAC region also delivered encouraging growth that was due to a significant rise in unit sales in China.

The revenue of the Supply Chain Solutions segment increased year on year, with a particularly noticeable rise in the core market of North America. Despite the lack of stability in supply chains and the shortages of materials, the segment was able to continue with ongoing customer projects, primarily in the e-commerce, grocery, and general merchandise sectors.