Following its consolidation for the first time in 2009, on 26 April 2010 the KION Group acquired a further 32 per cent of the shares in KION Baoli (Jiangsu) Forklift Co., Ltd. (KION Baoli) for a purchase consideration of €9,535 thousand. As at 31 December 2010, KION Holding 1 GmbH indirectly held 92 per cent of the equity and voting shares in KION Baoli, whose registered office is in Jingjian, Jiangsu Province, China, via KION ASIA (HONG KONG) Ltd., Kwai Chung, Hong Kong. The KION Group intends to purchase the remaining equity and voting shares (8 per cent) in stages within the next 24 months, for a total consideration of €2,268 thousand.
The shortfall of €1,496 thousand between the amount of the non-controlling interest and the fair value of the consideration paid is recognised in retained earnings.
