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Annual Report 2019

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Annual Report 2019 DIGITALISATION ENERGY AUTOMATION INNOVATION ANNUAL REPORT 2019 PERFORMANCE KION Group 2 Key figures for 2019 KION Group overview Change in € million 2019 2018 2017 * 2019 / 2018 Order intake 9,111.7 8,656.7 7,979.1 5.3% Revenue 8,806.5 7,995.7 7,598.1 10.1% Order book ¹ 3,631.7 3,300.8 2,614.6 10.0% Financial performance EBITDA 1,614.6 1,540.6 1,457.6 4.8% Adjusted EBITDA ² 1,657.5 1,555.1 1,495.8 6.6% Adjusted EBITDA margin ² 18.8% 19.4% 19.7% – EBIT 716.6 642.8 561.0 11.5% Adjusted EBIT ² 850.5 789.9 777.3 7.7% Adjusted EBIT margin ² 9.7% 9.9% 10.2% – Net income 444.8 401.6 422.5 10.7% Financial position ¹ Total assets 13,765.2 12,968.8 12,337.7 6.1% Equity 3,558.4 3,305.1 2,992.3 7.7% Net financial debt 1,609.3 1,869.9 2,095.5 – 13.9% ROCE ³ 9.7% 9.3% 9.3% – Cash flow Free cash flow 4 568.4 519.9 474.3 9.3% Capital expenditure 5 287.4 258.5 218.3 11.2% Employees 6 34,604 33,128 31,608 4.5% 1 Figures as at balance sheet date 31/12/ 2 Adjusted for PPA items and non-recurring items 3 ROCE is defined as the proportion of adjusted EBIT to capital employed 4 Free cash flow is defined as cash flow from operating activities plus cash flow from investing activities 5 Capital expenditure including capitalised development costs, excluding right-of-use assets 6 Number of employees (full-time equivalents) as at balance sheet date 31/12/ * Key figures for 2017 were restated due to the initial application of IFRS 15 and IFRS 16 All amounts in this annual report are disclosed in millions of euros (€ million) unless stated otherwise. Due to rounding effects, addition of the individual amounts shown may result in minor rounding differences to the totals. The percentages shown are calculated on the basis of the respective amounts, rounded to the nearest thousand euros (€ thousand). 3 Contents 4 Company A TO OUR SHAREHOLDERS 8 Letter to shareholders 14 Executive Board 16 Report of the Supervisory Board 24 KION shares 28 Services for shareholders FIRM FOCUS ON OUR CUSTOMERS B CORPORATE GOVERNANCE 32 Corporate governance report When it comes to finding the right answers to our customers’ questions and requests, the KION Group is ahead of the pack. What drives us day after day is a C COMBINED MANAGEMENT REPORT desire to provide customers with bespoke, efficient and 44 Preliminary remarks intelligent solutions for their intralogistics needs in con- 45 Fundamentals of the KION Group junction with a full range of premium services and advice. 62 Report on the economic position With our KION 2027 strategy, we have put everything in 94 Outlook, risk report and opportunity report place to ensure that we, and our customers, can continue 107 Disclosures relevant to acquisitions to go from strength to strength. The five fields of action 111 Remuneration report in KION 2027 – energy, digital, automation, innovation and performance – set out the path that we need to take D CONSOLIDATED FINANCIAL STATEMENTS in order to generate further profitable growth and meet 134 Consolidated income statement the needs of our customers both now and in future. 135 Consolidated statement of comprehensive income 136 Consolidated statement of financial position 138 Consolidated statement of cash flows 140 Consolidated statement of changes in equity 142 Notes to the consolidated financial statements 242 Independent auditors’ report 250 Responsibility statement E ADDITIONAL INFORMATION 254 Quarterly information 255 Multi-year overview 256 Disclaimer 257 Financial calendar 257 Contact 4 COMPANY Intralogistics 4.0 Company profile How the KION Group is The KION Group is a global leader in industrial trucks, adding value warehouse technology, related services and supply chain solutions. Across more than 100 countries world- wide, the KION Group’s logistics solutions optimise the flow of material and information within factories, ware- houses and distribution centres. The Group is the largest INTELLIGENT manufacturer of industrial trucks in Europe, the second- T R U C K S largest producer of forklifts globally and a leading provider Smart trucks with electronic of automation technology and software solutions. control units Driver assistance systems for The KION Group’s world-renowned brands are among greater efficiency the best in the industry. Dematic is a global leader in automated material handling, providing a comprehensive range of intelligent supply chain and automation solu- tions. The Linde and STILL brands serve the premium CLOUD-BASED DATA industrial truck segment. Baoli focuses on industrial MANAGEMENT trucks in the economy segment. Among the regional Fleet data services for KION brands, Fenwick is the largest supplier of material centralised control and tracking handling products in France. OM Voltas is a leading Fleet optimisation provides finan- provider of industrial trucks in India. cial benefits and improved safety More than 1.4 million industrial trucks and over 6,000 installed systems from the KION Group are deployed by customers in all industries and of all sizes on six AUTOMATED GUIDED continents. VEHICLES (AGVs ) Full range of We keep the world moving. automated trucks Enables automation of material handling processes AUTOMATION S Y S T E M S Customised and integrated hardware and software solutions Robotics solutions for order picking Annual Report 2019 KION GROUP AG 5 COMPANY Segments INDUSTRIAL TRUCKS SUPPLY CHAIN & SERVICES SOLUTIONS The Industrial Trucks & Services segment encompasses forklift The Supply Chain Solutions segment encompasses integrated trucks, warehouse technology and related services, including technology and software solutions that are used to optimise complementary financial services. It pursues a multi-brand supply chains. Manual and automated solutions are provided for strategy involving the three international brands Linde, STILL all functions along customers’ supply chains, from goods inward and Baoli plus the regional brands Fenwick and OM Voltas. and multishuttle warehouse systems to picking and value-added packing. The Supply Chain Solutions segment comprises the Industrial Trucks & Services is made up of four Operating Dematic brand. Units: Linde Material Handling EMEA and STILL EMEA, which each concentrate on Europe, the Middle East and Africa, plus KION APAC and KION Americas, which hold cross-brand responsibility for the Asia-Pacific region and for North and South America respectively. LINDE MH EMEA K I O N DEMATIC K I O N AMERICAS STILL UNITS APAC UNITS EMEA O P E R A T I N G O P E R A T I N G BRANDS BRANDS Counterbalance trucks with electric drive Conveyors Counterbalance trucks with IC engine Sorters Warehouse technology: ride-on industrial trucks Storage and retrieval systems Warehouse technology: hand-operated industrial trucks Picking equipment PRODUCTS Towing vehicles PRODUCTS Palletisers Automated trucks and autonomous trucks Robotics solutions CORPORATE SERVICES The Corporate Services segment comprises holding INTERNAL companies and other service companies that provide SERVICES services such as IT and logistics across all segments. HOLDING COMPANY FUNCTIONS Annual Report 2019 KION GROUP AG TO OUR SHAREHOLDERS 7 Contents TO OUR SHAREHOLDERS 8 LETTER TO SHAREHOLDERS 14 EXECUTIVE BOARD 16 REPORT OF THE SUPERVISORY BOARD 24 KION SHARES 28 SERVICES FOR SHAREHOLDERS Annual Report 2019 KION GROUP AG TO OUR SHAREHOLDERS 8 Letter to Shareholders Letter to Shareholders Dear shareholders, customers, partners and friends of the KION Group, Our employees made 2019 a year of impressive success for the KION Group, demonstrating their talent, experience, huge commitment and a great deal of passion in their efforts on behalf of our customers. We easily outperformed the market as a whole and strengthened our market position. Moreover, we not only achieved our ambitious business objectives but in some cases even exceeded them significantly, despite increasingly difficult conditions for the industry that were brought about by macroeconomic challenges, several delays to Brexit, trade disputes and bilateral protectionist tariffs. These pleasing results for 2019 are the work of our more than 34,000 highly skilled employees. Our success represents a fantastic team effort, and my Executive Board colleagues and I would like to say a big thank you. In 2019, the global market for industrial trucks contracted by 2.1 per cent compared with the prior year. Yet the value of the KION Group’s order intake increased by a total of 5.3 per cent on 2018, mainly because of the strong growth in the Supply Chain Solutions segment. The consolidated revenue generated in the period January to December 2019 rose by a robust 10.1 per cent year on year. Adjusted EBIT was also higher than in the previous year, increasing by 7.7 per cent to €850.5 million. At 444.8 mil- lion, our net income was also up significantly by 10.7 per cent. We hit our targets for all of the key performance indicators, partly thanks to the global boom in e-commerce. Once again, we have delivered proof of our leading role in the industry. The strong results illustrate how we have succeeded in making an enduring improvement to the Group’s resilience in recent years. They also show that we are able to maintain our course, even in choppy waters. And we have put everything in place to ensure that we can write further chapters in our story of success over the coming years. Annual Report 2019 KION GROUP AG TO OUR SHAREHOLDERS 9 Letter to Shareholders GORDON RISKE CEO Paving the way for success: KION 2027 Our corporate strategy, KION 2027, provides the basis for our success, and we are now reaping the rewards of our rigorous implementation of the strategy.
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