Long-term leasing business
The sales activities of the KION Group are supported by financial services in connection with direct long-term leasing business. In this business, trucks leased directly to the end customer are refinanced by the KION Group. The portfolio of the long-term leasing business, which supports the KION Group’s sales activities, continued to be focused predominantly in western Europe at the end of 2017. The long-term leasing business had a positive impact on the KION Group’s financial performance in 2017 (> TABLE 030) and also influenced its financial position (> TABLE 031). This information is taken from the internal reporting system and is determined using the assumption of a minimum rate of return on the capital employed. Net financial debt relating to the long-term leasing business increased to €133.9 million (31 December 2016: €106.3 million). > TABLE 032
Profitability of long-term leasing business |
030 |
||
in € million |
2017 |
2016 |
Change |
Revenue |
574.3 |
480.5 |
19.5% |
Adjusted EBITDA |
121.0 |
99.7 |
21.3% |
Adjusted EBIT |
3.6 |
4.0 |
–10.5% |
Earnings before taxes (EBT) |
5.5 |
4.5 |
20.4% |
Financial position of long-term leasing business |
031 |
||
in € million |
2017 |
2016 |
Change |
Liabilities to banks (gross) |
133.9 |
106.3 |
25.9% |
Liabilities from financial services |
85.7 |
8.3 |
>100% |
Lease liabilities |
1,131.1 |
1,007.2 |
12.3% |
Calculatory equity |
47.4 |
39.4 |
20.4% |
Total |
1,398.1 |
1,161.2 |
20.4% |
|
|
|
|
Leased assets |
522.3 |
429.7 |
21.6% |
Lease receivables |
875.8 |
731.5 |
19.7% |
Total |
1,398.1 |
1,161.2 |
20.4% |
Refinancing of long-term leasing business |
032 |
|||
in € million |
2017 |
2016 |
||
KION Group |
thereof |
KION Group |
thereof |
|
Liabilities to banks (gross) |
1,259.6 |
133.9 |
3,188.6 |
106.3 |
Promissory note – gross |
1,010.0 |
– |
– |
– |
Other financial liabilities to non-banks |
7.7 |
– |
7.2 |
– |
./. Capitalised borrowing costs |
–8.6 |
– |
–12.9 |
– |
Financial liabilities |
2,268.7 |
133.9 |
3,183.0 |
106.3 |
|
|
|
|
|
./. Cash and cash equivalents |
–173.2 |
– |
–279.6 |
– |
Net financial liabilities |
2,095.5 |
133.9 |
2,903.4 |
106.3 |
|
|
|
|
|
Lease liabilities |
1,131.1 |
1,131.1 |
1,007.2 |
1,007.2 |
Liabilities from financial services |
85.7 |
85.7 |
8.3 |
8.3 |
Interest-bearing net liabilities |
3,312.3 |
1,350.7 |
3,918.9 |
1,121.8 |
|
|
|
|
|
Liabilities from short-term rental financing |
512.1 |
– |
456.7 |
– |
Liabilities from procurement leases |
29.4 |
– |
21.0 |
– |
Liabilities from finance leases |
541.4 |
– |
477.7 |
– |
Net operating debt |
3,853.8 |
1,350.7 |
4,396.6 |
1,121.8 |