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%