Revenue
Consolidated revenue for 2023 only slightly exceeded the figure for the prior year by 2.7 percent to reach €11,433.7 million (2022: €11,135.6 million), but the underlying trend was very different in the two operating segments.
Revenue generated from external customers in the Industrial Trucks & Services segment advanced by 15.3 percent to €8,464.2 million (2022: €7,344.2 million) as a result of higher production output. As the segment worked through its sizeable order book, the price rises that had been implemented in 2022 increasingly contributed to the positive impact on revenue growth, particularly in the EMEA region. In the service business, revenue increased across all categories.
In the Supply Chain Solutions segment, however, external revenue contracted by 21.7 percent overall to €2,968.4 million (2022: €3,789.4 million). This significant fall in revenue resulted from muted customer demand in the project business (business solutions) in the preceding quarters. Moreover, the projects secured in the reporting year were predominantly ones where the revenue will be recognized over an extended period. By contrast, the consistent and higher-margin service business (customer services) registered a sharp rise in revenue.
Overall, due to the decline in new business, the proportion of consolidated revenue attributable to the service business rose to 44.0 percent (2022: 42.1 percent).
in € million |
2023 |
2022 |
Change |
|---|---|---|---|
Industrial Trucks & Services |
8,464.2 |
7,344.2 |
15.3% |
New business |
4,465.2 |
3,623.2 |
23.2% |
Service business |
3,999.0 |
3,721.0 |
7.5% |
– Aftersales |
2,089.7 |
1,940.7 |
7.7% |
– Rental business |
1,163.6 |
1,105.9 |
5.2% |
– Used trucks |
460.8 |
418.0 |
10.2% |
– Other |
284.9 |
256.3 |
11.2% |
Supply Chain Solutions |
2,968.4 |
3,789.4 |
–21.7% |
Business solutions |
1,930.9 |
2,827.6 |
–31.7% |
Service business |
1,037.4 |
961.8 |
7.9% |
Corporate Services |
1.1 |
1.9 |
–41.8% |
|
|
|
|
Total revenue |
11,433.7 |
11,135.6 |
2.7% |
Revenue by sales region
In the Industrial Trucks & Services segment, the biggest contribution to revenue growth in terms of volume came from the main sales region (EMEA) in 2023. The segment saw a further large rise in revenue in the Americas region, but registered a moderate year-on-year decline in revenue in the APAC region.
The significant fall in revenue in the Supply Chain Solutions segment in 2023 was attributable to the reduction in the segment’s core market of North America (Americas region). Revenue generated in the EMEA region was also well below expectations and decreased substantially compared with the prior year. Meanwhile, the APAC region was unable to match the strong revenue growth that it had seen in 2022.
in € million |
2023 |
2022 |
Change |
|---|---|---|---|
EMEA |
7,622.1 |
6,823.7 |
11.7% |
Western Europe |
6,651.3 |
5,945.4 |
11.9% |
Eastern Europe |
846.2 |
759.3 |
11.5% |
Middle East and Africa |
124.6 |
119.0 |
4.7% |
Americas |
2,582.5 |
3,014.6 |
–14.3% |
North America |
2,250.8 |
2,732.2 |
–17.6% |
Central and South America |
331.8 |
282.4 |
17.5% |
APAC |
1,229.1 |
1,297.3 |
–5.3% |
China |
714.3 |
739.1 |
–3.4% |
APAC excluding China |
514.8 |
558.2 |
–7.8% |
Total revenue |
11,433.7 |
11,135.6 |
2.7% |