|
Condensed balance sheet, assets | |||||
|
in € million |
2012 |
in % |
2011 |
in % |
Change |
|
|
|
|
|
|
|
|
Non-current assets |
4,231 |
68.1% |
4,160 |
68.6% |
1.7% |
|
thereof: |
|
|
|
|
|
|
Goodwill |
1,473 |
23.7% |
1,538 |
25.4% |
-4.2% |
|
Brand names |
594 |
9.6% |
594 |
9.8% |
-0.1% |
|
Deferred tax assets |
265 |
4.3% |
262 |
4.3% |
1.1% |
|
Leased assets |
191 |
3.1% |
167 |
2.8% |
14.3% |
|
Rental assets |
395 |
6.4% |
357 |
5.9% |
10.8% |
|
Lease receivables |
267 |
4.3% |
243 |
4.0% |
10.0% |
|
|
|
|
|
|
|
|
Current assets |
1,982 |
31.9% |
1,906 |
31.4% |
4.0% |
|
thereof: |
|
|
|
|
|
|
Inventories |
550 |
8.9% |
625 |
10.3% |
-12.1% |
|
Trade receivables |
625 |
10.1% |
677 |
11.2% |
-7.6% |
|
Lease receivables |
132 |
2.1% |
118 |
2.0% |
11.6% |
|
Cash |
562 |
9.1% |
373 |
6.2% |
50.6% |
|
Total assets |
6,213 |
|
6,066 |
|
2.4% |
Non-current assets
Non-current assets increased by 1.7 per cent year on year to €4,231 million (31 December 2011: €4,160 million).
The decline in intangible assets, which had fallen by €108 million to €2,407 million as at the reporting date, was predominantly due to the reduction in goodwill as part of the sale of significant portions of the hydraulics business. Depreciation and amortisation on technologies, developments and other intangible assets exceeded the volume of assets capitalised during the period.
As at 31 December 2012 leased assets totalled €191 million, up by €24 million compared with 31 December 2011. The increase can primarily be attributed to the greater volume of operating leases for industrial trucks, in which beneficial ownership remains with KION as the lessor. KION’s good operational development led to an increase in leasing assets in spite of the separation of leased and rental assets resulting from the new segmentation (see note 8). Rental assets also increased by €38 million as at 31 December 2012, to €395 million.
Other property, plant and equipment declined by €53 million year on year to €500 million. New assets were added, above all in connection with the expansion of production facilities in China and Brazil. However, these were offset by disposals resulting from the sale of the hydraulics business, impairment losses recognised in connection with the closure of production facilities as well as depreciation and amortisation.
The marked increase in investments accounted for using the equity method, from €37 million to €155 million is primarily attributable to the consolidation of the minority shareholding in Linde Hydraulics.
The increase in non-current leasing receivables by 10.0 per cent to €267 million reflects the high number of additional long-term leasing agreements.
The increase in other financial assets from €26 million to €50 million was predominantly due to the measurement of derivatives at fair value and the measurement of the put option on additional shares in Linde Hydraulics.
An explanation of the change in deferred tax assets is provided in note 16.
Acquisition of the outstanding shares in Linde Creighton resulted in additions of €27 million to non-current assets and of €19 million to current assets.
Current assets
Current assets had grown by €76 million to €1,982 million as at 31 December 2012. The main reason for this was the rise in cash and cash equivalents owing to the contributions made as part of the resolution to carry out a capital increase in connection with Weichai Power's investment in KION Holding 1 GmbH.
Inventories decreased by €75 million to €550 million, predominantly due to the deconsolidation of Linde Hydraulics. Moreover, the year-on-year increase resulting from KION’s operating activities was rebalanced at the end of the year under review.
|
Inventories | |||
|
in € million |
2012 |
2011 |
Change |
|
|
|
|
|
|
Materials and supplies |
120 |
151 |
-20.5% |
|
Work in progress |
75 |
98 |
-23.8% |
|
Finished goods and merchandise |
349 |
371 |
-5.8% |
|
Advances paid |
6 |
5 |
11.8% |
|
Total inventories |
550 |
625 |
-12.1% |
Trade receivables fell by €51 million to €625 million as at 13 December 2012.
Working capital (inventories and trade receivables less trade payables) was €529 million as at the reporting date, €138 million less than it had been a year earlier (31 December 2011: €668 million).
The substantial rise in cash and cash equivalents, from €373 million at the end of 2011 to €562 million as at 31 December 2012, can be attributed to the considerable improvement to the operational cash flow of the KION Group. The cash inflow of €738 million resulting from the Weichai transactions was used as far as possible to repay financial debt, leading to an increase in cash of €73 million (see Financial position section).
