KION Group generates strong growth in 2010
(Thomson Reuters ONE) -
KION GROUP GmbH /
KION Group generates strong growth in 2010
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* Order intake increases by 27.5 per cent to around ?3.9 billion
* Net revenue rises to more than ?3.5 billion, up 14.6 per cent
* EBITDA up 48.7 per cent to ?462 million following strong 3rd and 4th
quarters
* KION benefits from strong position in high-growth markets
Wiesbaden, 23 March 2011 - The KION Group, one of the two largest global
manufacturers of forklift trucks and warehouse equipment, benefited from the
pronounced recovery of the world markets for material handling products and
services in 2010. This is underscored by the 2010 annual financial statements,
which the company's Supervisory Board approved at its meeting on Wednesday.
The KION Group was able to consolidate its global market position as the number
one in Europe, number two worldwide and the leading international supplier in
China with a worldwide market share of over 15 per cent. It also took advantage
of its strong foothold in the high-growth markets, which accounted for more than
a quarter of total new truck sales in 2010.
Following the sharp decline in 2008 and the even sharper decline in 2009, the
global market for industrial trucks made a strong recovery in 2010, increasing
by 45 per cent to 796,000 units. The high-growth regions of eastern Europe,
China and South America considerably bolstered their significance.
Germany was the main driver of growth in the KION Group's home market of western
Europe, which grew by 23 per cent to 222,000 units. Demand for industrial trucks
in eastern Europe, where the KION Group maintains a leading position, almost
doubled to some 40,000 units. Despite this growth, the western and eastern
European markets are still more than 25 per cent and 40 per cent respectively
below their previous peak levels. The Chinese market expanded by 70 per cent to
set a new record high of more than 200,000 units. As a result, China now makes
up about a quarter of the global market. The KION Group has had its own
production sites and development capacities as well as an extensive distribution
and service network in China for more than 15 years. In 2010, it assumed
complete management control over the local brand Baoli, which had been set up as
a joint venture in 2009. Brazil, which is South America's most important market
for forklift trucks and warehouse equipment, enjoyed a very high rate of growth,
with demand rising by 170 per cent to 23,000 units. The KION Group is also
represented in Brazil with local production facilities and an effective
distribution and service network of its brand companies.
Order intake for the KION Group climbed significantly to ?3.860 billion (2009:
?3.028 billion), a year-on-year increase of 27.5 per cent. As at 31 December
2010, the KION Group's order backlog stood at ?801 million. The KION Group's
revenue rose by an impressive 14.6 per cent in 2010 to ?3.534 billion (2009:
?3.084 billion). In 2010, 46 per cent of revenue was generated from the less
cyclical service business, which encompasses after sales, services, rental
business and pre-owned trucks.
The KION Group improved earnings before interest, tax, depreciation and
amortisation (EBITDA[1]), adjusted for one-off items, by an above-average 48.7
per cent to ?462 million (2009: ?311 million). As a result, the EBITDA(2
)margin, adjusted for one-off items, rose from 10.1 to 13.1 per cent. The
EBITDA(2 )margin strongly improved in particular in the second half of 2010,
reaching 14.2 per cent in the fourth quarter of 2010. The EBIT(2 )margin also
improved accordingly in 2010, rising by 4.8 percentage points for the year as a
whole. The main contributing factors were the positive revenue increase in the
home European markets and the emerging markets, the optimised capacity
utilisation resulting from the restructuring in 2009 and 2010 and the successful
containment of fixed costs.
Cashflow from operating activities rose by 73.7 per cent to ?199 million (2009:
?115 million). One of the reasons for this rise was the fact that, despite the
significantly higher volume of business, working capital rose at a lower rate
than revenue. The cashflow from investing activities amounted to a net outflow
of ?123 million (2009: ?113 million); free cashflow therefore amounted to ?76
million (2009: ?2 million).
As at 31 December 2010, the number of employees (including 557 apprentices and
trainees) was 19,968 - largely unchanged on the previous year's figure (31
December 2009: 19,953).
Provided the market strength continues, the KION Group anticipates for 2011 that
the volume increase and the long-term structural improvements that have been
introduced will have a further positive impact on profitability.
KION Group - Business Year 2010
+--------------------------------------+------+-------+-----------------------
|? million | 2010 | 2009 | Change
+--------------------------------------+------+-------+-----------------------
|Order intake | 3,860| 3,028| +27.5%
+--------------------------------------+------+-------+-----------------------
|Revenue | 3,534| 3,084| +14.6%
|thereof | | |
+--------------------------------------+------+-------+-----------------------
| Linde Material Handling[2]| 2,254| 1,920| +17.4%
+--------------------------------------+------+-------+-----------------------
| STILL(3) | 1,245| 1,095| +13.7%
+--------------------------------------+------+-------+-----------------------
| OM(3) | 202| 191| +5.6%
+--------------------------------------+------+-------+-----------------------
|EBITDA[3] | 462| 311| +48.7%
| EBITDA(4 )margin | 13.1%| 10.1%|+3.0 percentage points
+--------------------------------------+------+-------+-----------------------
|EBIT(4) | 139| (29)| >100%
| EBIT(4 )margin | 3.9%| (0.9%)| +4.8 percentage points
+--------------------------------------+------+-------+-----------------------
|Cashflow | 199| 115| +73.7%
|from operating activities | | |
| Free cashflow | 76| 2| >100%
+--------------------------------------+------+-------+-----------------------
|Employees |19,968| 19,953| +0.1%
| (FTEs, including apprentices / | | |
| trainees) | | |
+--------------------------------------+------+-------+-----------------------
The Company
The KION Group, with its Linde, STILL, Fenwick, OM and Baoli brands, is the
market leader in industrial trucks in Europe, the global number two in the
industry and the leading international supplier in China. In 2010, the KION
Group employed around 20,000 people and generated revenue of more than ?3.5
billion.
For further information please contact
Michael Hauger
Head of Communications and Investor Relations
Tel.: +49 (0)611.770-655
E-mail: michael.hauger(at)kiongroup.com
Frank Kopfinger
Head of Investor Relations
Tel.: +49 (0)611.770-220
E-mail: frank.kopfinger(at)kiongroup.com
--------------------------------------------------------------------------------
[1] adjusted for non-recurring items prior to purchase price allocation (PPA),
incl. net investment income
[2] before consolidation effects
[3] adjusted for non-recurring items prior to purchase price allocation (PPA),
incl. net investment income
--- End of Message ---
KION GROUP GmbH
Abraham-Lincoln-Strasse 21 Wiesbaden Germany
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[HUG#1499399]
Unternehmensinformation / Kurzprofil:
Datum: 23.03.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 52713
Anzahl Zeichen: 9579
contact information:
Town:
Wiesbaden
Kategorie:
Business News
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