Net assets
Non-current assets
Non-current assets increased to €4,810.3 million (31 December 2014: €4,524.8 million), primarily due to the expanding leasing business. Intangible assets accounted for €2,452.5 million (31 December 2014: €2,412.5 million). Within that amount, goodwill and the KION Group’s brand names rose to €2,152.2 million owing to currency effects and, in particular, the first-time consolidation of Egemin Automation (31 December 2014: €2,092.4 million).
Rental assets increased to €544.0 million due to the expansion of the rental fleet business in the brand segments (31 December 2014: €487.1 million).
Due to the overall growth in business, leased assets for leases with end customers that are classified as operating leases increased to €334.4 million (31 December 2014: 279.0 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases advanced to €472.0 million (31 December 2014: €345.3 million).
The amount of deferred tax assets recognised on the balance sheet fell by €8.9 million to reach €349.0 million at the end of 2015. Further details regarding the change in deferred tax assets are provided in note [14] in the notes to the consolidated financial statements.
Current assets
Overall, current assets increased by €26.2 million to €1,629.9 million (31 December 2014: €1,603.7 million). While trade receivables in particular increased significantly, other current financial assets declined, mainly because the put option vis-à-vis Weichai Power on 20.0 per cent of the shares in Linde Hydraulics was exercised.
By contrast, short-term lease receivables from end customers decreased to €181.7 million at the end of the reporting period (31 December 2014: €202.5 million).
Cash and cash equivalents stood at €103.1 million (31 December 2014: €98.9 million). Taking into account the unused credit facility, the cash and cash equivalents available to the KION Group at 31 December 2015 amounted to €1,193.6 million. > TABLE 028
Inventories |
|
|
028 |
in € million |
2015 |
2014 |
Change |
Materials and supplies |
115.9 |
122.2 |
–5.1% |
Work in progress |
75.0 |
71.5 |
4.9% |
Finished goods and merchandise |
359.5 |
330.8 |
8.7% |
Advances paid |
3.1 |
4.7 |
–35.0% |
Total inventories |
553.5 |
529.2 |
4.6% |
Working capital (inventories and trade receivables less trade payables) was €649.3 million as at the reporting date (31 December 2014: €562.8 million). > TABLE 029
(Condensed) statement of financial position – assets |
029 |
||||
in € million |
2015 |
in % |
2014 |
in % |
Change |
Non-current assets |
4,810.3 |
74.7% |
4,524.8 |
73.8% |
6.3% |
thereof: |
|
|
|
|
|
Goodwill |
1,548.1 |
24.0% |
1,497.1 |
24.4% |
3.4% |
Brand names |
604.1 |
9.4% |
595.4 |
9.7% |
1.5% |
Deferred tax assets |
349.0 |
5.4% |
357.9 |
5.8% |
–2.5% |
Rental assets |
544.0 |
8.4% |
487.1 |
7.9% |
11.7% |
Leased assets |
334.4 |
5.2% |
279.0 |
4.6% |
19.9% |
Lease receivables |
472.0 |
7.3% |
345.3 |
5.6% |
36.7% |
|
|
|
|
|
|
Current assets |
1,629.9 |
25.3% |
1,603.7 |
26.2% |
1.6% |
thereof: |
|
|
|
|
|
Inventories |
553.5 |
8.6% |
529.2 |
8.6% |
4.6% |
Trade receivables |
670.5 |
10.4% |
598.2 |
9.8% |
12.1% |
Lease receivables |
181.7 |
2.8% |
202.5 |
3.3% |
–10.3% |
Other current financial assets |
58.4 |
0.9% |
118.3 |
1.9% |
–50.6% |
Cash and cash equivalents |
103.1 |
1.6% |
98.9 |
1.6% |
4.2% |
|
|
|
|
|
|
Total assets |
6,440.2 |
– |
6,128.5 |
– |
5.1% |