Commercial vehicle manufacturer MAN Truck & Bus generated a sales revenue of €7.8b in the first nine months of 2022 despite the production stop in the first half of the year and ongoing supply bottlenecks.
This is only slightly below the level of the same period of the previous year.
A significant decline in new vehicle sales was partially offset by the improved market and product mix as well as a considerable increase in the vehicle services business.
In addition to the volume-related decline in sales, the operating result was burdened by negative material and energy price developments.
This was partly offset by a positive margin development in used vehicles and in the vehicle services business. On an adjusted basis, the operating result amounted to €76 million.
Inka Koljonen, Member of the Executive Board at MAN Truck & Bus SE responsible for Finance, IT and Legal Affairs said: “In the first nine months, we achieved an operating profit on an adjusted basis with significantly declining volumes. This was only possible thanks to the tireless commitment and great flexibility of all MAN employees, which deserves my utmost respect. Overall, we will continue to face major challenges in 2022. The situation in our supply chains remains tense. In addition, we must deal with high costs for raw material, energy and transport as well as persistently high inflation rates. The highest level of cost discipline is still required.”
New vehicle sales totalled 55,862 trucks, buses and vans fell by 19% compared with the first nine months of the previous year.
With 38,288 units sold, compared to 49 665, the decline was particularly marked in the truck segment.
The bus business fell by 3% to 2,837 units. MAN also sold 14,737 vans, a decline of 8% compared to the previous year.
Sales in the vehicle services business with spare parts and workshop services amounted to around €1.9b in the first nine months of 2022. This represents an increase of 15% compared to the previous year.
In the current reporting period, the adjustments to the operating result amounted to €11mn. The realignment resulted in restructuring expenses of around €5mn (previous year: €681mn) and €114mn in charges in connection with the war in Ukraine.
This includes expenses of €79mn due to the planned sale of the Russian sales company.