Non-current assets amounted to €4,433.9 million as at 31 March 2014, virtually unchanged on the end of the previous year (31 December 2013: €4,435.8 million). Intangible assets accounted for €2,422.9 million (31 December 2013: €2,428.7 million). Goodwill and the KION Group’s brand names represented €2,087.5 million of that, almost unchanged on the end of the previous year (31 December 2013: €2,089.4 million). Leased assets for leases with end customers that are classified as operating leases rose only slightly, from €251.9 million at 31 December 2013 to €254.3 million at 31 March 2014. Long-term lease receivables arising from leases with end customers that are classified as finance leases were largely unchanged on the end of the previous year at €308.0 million (31 December 2013: €308.8 million). There was also very little change in the rental assets in the brand segments’ short-term rental fleet, which stood at €463.1 million (31 December 2013: €461.2 million).
The rise in current assets to €1,631.6 million (31 December 2013: €1,590.7 million) was primarily the result of increased inventories and trade receivables, which more than offset the decline in cash and cash equivalents. In both the LMH and STILL segments, inventories at 31 March 2014 were higher than they had been three months earlier but lower than at the end of the first quarter of 2013. The seasonal-related increase in inventories is necessary to prevent supply bottlenecks during the summer months, thereby ensuring the stability of the production process. There was a small rise in short-term lease receivables with end customers, which stood at €175.8 million at the end of the first quarter (31 December 2013: €170.8 million).
Cash and cash equivalents had declined sharply as at 31 March 2014, falling to €131.4 million (31 December 2013: €219.3 million). This was because, for the first time, it became possible to use the existing cash on hand in China to reduce bank liabilities as part of the Group’s funding activities. Taking into account the credit facility that was still available, the cash and cash equivalents available to the KION Group at 31 March 2014 had amounted to €1,043.9 million. >> TABLE 15
Condensed balance sheet, assets |
>>TABLE 15 |
||||
in € million |
31/03/2014 |
in % |
31/12/2013 |
in % |
Change |
|
|
|
|
|
|
Non-current assets |
4,433.9 |
73.1% |
4,435.8 |
73.6% |
–0.0% |
thereof: |
|
|
|
|
|
Goodwill |
1,493.1 |
24.6% |
1,494.7 |
24.8% |
–0.1% |
Brand names |
594.4 |
9.8% |
594.7 |
9.9% |
–0.0% |
Deferred tax assets |
300.4 |
5.0% |
295.5 |
4.9% |
1.7% |
Rental assets |
463.1 |
7.6% |
461.2 |
7.7% |
0.4% |
Leased assets |
254.3 |
4.2% |
251.9 |
4.2% |
0.9% |
Lease receivables |
308.0 |
5.1% |
308.8 |
5.1% |
–0.3% |
|
|
|
|
|
|
Current assets |
1,631.6 |
26.9% |
1,590.7 |
26.4% |
2.6% |
thereof: |
|
|
|
|
|
Inventories |
585.6 |
9.7% |
511.8 |
8.5% |
14.4% |
Trade receivables |
596.1 |
9.8% |
558.7 |
9.3% |
6.7% |
Lease receivables |
175.8 |
2.9% |
170.8 |
2.8% |
3.0% |
Other current assets |
128.2 |
2.1% |
114.7 |
1.9% |
11.8% |
Cash |
131.4 |
2.2% |
219.3 |
3.6% |
–40.1% |
|
|
|
|
|
|
Total assets |
6,065.5 |
|
6,026.4 |
|
0.6% |