Financial Services segment

The Financial Services (FS) segment is the central financing partner for end-customer leasing and short-term rental fleet financing for the LMH and STILL brand segments. It continued to benefit from steadily growing internal and external demand for financing solutions. Revenue in the long-term leasing business with external end customers advanced to €196.3 million (H1 2015: €184.5 million). Total revenue including the short-term rental business, which is managed by the LMH and STILL brand segments, amounted to €368.5 million (H1 2015: €329.4 million). At €2.6 million, earnings before tax was at the level of the prior-year period (H1 2015: €2.7 million). The return on equity (ROE) was 12.8 per cent (H1 2015: 13.2 per cent).

At €1,689.3 million, the FS segment’s assets had increased slightly compared with the end of last year (31 December 2015: €1,603.4 million) and were up substantially year on year due to the increase in the volume of orders (30 June 2015: €1,466.3 million).

As at 30 June 2016, the FS segment had intra-group lease receivables of €581.3 million from the LMH and STILL brand segments relating to the intra-group financing of the short-term rental fleet (31 December 2015: €549.2 million; 30 June 2015: €516.0 million). The funding of intra-group long-term leases (finance leases) with LMH and STILL resulted in lease liabilities of €411.4 million (31 December 2015: €400.6 million; 30 June 2015: €377.5 million). Net financial debt amounted to €213.9 million at the end of June (31 December 2015: €185.6 million; 30 June 2015: €174.1 million). > TABLE 10