Disposal of subsidiaries
The KION Group sold the entirety of its controlling interest in Willenbrock Arbeitsbühnen GmbH & Co. KG (referred to below as Willenbrock Arbeitsbühnen) and deconsolidated it with effect from 16 December 2014. Before that, the KION Group had held a 74 per cent stake in Willenbrock Arbeitsbühnen indirectly through Willenbrock Fördertechnik Holding GmbH. A shareholder loan was also transferred in connection with the disposal. The purchase price for the shares and the loan amounted to €4.6 million and was paid entirely in cash.
Assets totalling €16.0 million and liabilities totalling €13.1 million were eliminated as a result of the disposal. Most of these assets (€14.0 million) constituted leased and rental assets, while most of the liabilities (€11.5 million) were lease liabilities.
The disposal of Willenbrock Arbeitsbühnen generated a profit of €1.7 million, which was included in earnings before interest and tax. The transfer of the shareholder loan of €5.0 million resulted in a loss of €0.8 million, which was recognised in net financial expenses.