Industrial Trucks & Services segment
Business performance and order intake
In the first quarter of 2022, the number of new trucks ordered in the Industrial Trucks & Services segment rose by 29.3 percent to 87 thousand. There was a particularly strong increase in order numbers in the EMEA and Americas regions. Orders were also up sharply in the APAC region, despite declining momentum. China was the main driving force behind this growth.
The total value of order intake went up by 15.6 percent to €2,082.1 million (Q1 2021: €1,800.4 million). The 18.9 percent rise in new truck business was largely attributable to higher order intake for counterbalance trucks, with a continuation of the trend toward electric forklift trucks that was seen in 2021. There was also substantial growth in warehouse truck orders. In the service business, order intake increased across all categories. Currency effects increased order intake by a total of €24.3 million.
in € million |
Q1 |
Q1 |
Change |
||
|---|---|---|---|---|---|
Order intake |
2,082.1 |
1,800.4 |
15.6% |
||
Total revenue |
1,718.4 |
1,518.7 |
13.2% |
||
Order book1 |
3,192.8 |
2,877.8 |
10.9% |
||
EBITDA |
294.2 |
316.3 |
–7.0% |
||
Adjusted EBITDA |
310.1 |
315.2 |
–1.6% |
||
EBIT |
85.3 |
131.1 |
–34.9% |
||
Adjusted EBIT |
114.2 |
131.0 |
–12.8% |
||
|
|
|
|
||
Adjusted EBITDA margin |
18.0% |
20.8% |
– |
||
Adjusted EBIT margin |
6.6% |
8.6% |
– |
||
|
|||||
Revenue
At €1,718.4 million, total revenue in the Industrial Trucks & Services segment was up by 13.2 percent on the prior-year period (Q1 2021: €1,518.7 million). The increase in revenue was due to the plentiful order book amassed up to the end of 2021. However, ongoing disruptions to the supply of bought-in parts, especially in the EMEA region, resulted in delays to the delivery of new trucks. The scheduled price increases in the fourth quarter of 2021 have therefore not yet impacted on segment revenue. Revenue exceeded the level in the prior-year period in all relevant product categories, with demand for electric forklift trucks continuing to rise. The service business registered an increase of 12.2 percent thanks to rises in the aftersales business and, in particular, the rental business.
The share of segment revenue generated by the service business stood at 52.2 percent (Q1 2021: 52.7 percent). Currency effects increased segment revenue by €19.7 million.
Earnings
The adjusted EBIT of the Industrial Trucks & Services segment fell to €114.2 million (Q1 2021: €131.0 million). The boost to earnings from revenue growth and lower variable remuneration components was far outweighed by the negative effect of significantly higher material prices and logistics costs as well as production inefficiencies resulting from supply bottlenecks. The adjusted EBIT margin declined to 6.6 percent in the quarter under review (Q1 2021: 8.6 percent).
After taking into account non-recurring items and purchase price allocation effects, EBIT fell sharply to €85.3 million (Q1 2021: €131.1 million). The non-recurring items in the ITS segment amounted to an expense of €28.4 million and mainly consisted of the impairment losses recognized on business in Russia. Adjusted EBITDA amounted to €310.1 million (Q1 2021: €315.2 million), giving an adjusted EBITDA margin of 18.0 percent (Q1 2021: 20.8 percent).