Net assets

Non-current assets

Non-current assets grew only slightly year on year, advancing by 4.8 per cent to €4,435.8 million (31 December 2012: €4,231.0 million).

There was a small rise in intangible assets, which reached €2,428.7 million. The main reasons were the acquisitions in the reporting year, which increased goodwill by €23.1 million. There was further capitalisation of development costs, software and other intangible assets, while amortisation totalled €73.6 million.

The change in leased assets reflects the growth in the volume of financial services business conducted by the KION Group with external end customers, which stood at €251.9 million at the end of 2013 (31 December 2012: €191.3 million). The increase can primarily be attributed to the greater volume of industrial truck operating leases with external customers and the consolidation of the leasing business of the dealer Willenbrock. Beneficial ownership remains with KION as the lessor.

Rental assets, which mostly consist of the rental fleets of the LMH and STILL operating segments, had risen to €461.2 million as at the reporting date (31 December 2012: €395.1 million).

Other property, plant and equipment had declined slightly year on year, falling to €499.4 million (31 December 2012: €500.3 million). Additions of property, plant and equipment in the reporting period of €64.4 million were offset by depreciation of €67.8 million.

Equity-accounted investments declined to €138.6 million (31 December 2012: €154.8 million) largely due to the losses incurred by the 30.0 per cent stake in Linde Hydraulics.

Long-term lease receivables arising from finance leases with external customers increased by 15.6 per cent to €308.8 million, reflecting – as was the case with leased assets – the high number of new long-term leases signed and consolidation of the leasing business of the dealer Willenbrock.

Other financial assets changed only insignificantly and stood at €51.7 million (31 December 2012: €50.2 million).

An explanation of the change in deferred tax assets is provided in note [14] in the notes to the consolidated financial statements.

Current assets

Current assets reduced year on year, falling by 19.8 per cent to €1,590.7 million (31 December 2012: €1,982.2 million). The main reason for this was the use of cash and cash equivalents to repay debt.

Overall, there was very little change in other current assets. The decline in inventories to €511.8 million (31 December 2012: €549.9 million) was attributable to improved management of working capital. Likewise, trade receivables decreased to €558.7 million (31 December 2012: €625.5 million). Lease receivables advanced from €132.1 million as at 31 December 2012 to €170.8 million on the reporting date owing to the increase in business volume. >> Table 028

Working capital (inventories and trade receivables less trade payables) was €520.0 million as at the reporting date, which was less than it had been a year earlier (31 December 2012: €529.3 million). >> Table 029