(en) /kion-group/segments.html

Segments

Linde Material Handling

The Linde Material Handling segment encompasses the Linde, Fenwick, Baoli and Voltas brands.

€3,429.8 million REVENUE

€383.9 million ADJUSTED EBIT

14,486 EMPLOYEES

STILL

The STILL and OM STILL brands are grouped in the STILL segment.

€1,950.2 million REVENUE

€144.0 million ADJUSTED EBIT

8,103 EMPLOYEES

Financial Services (FS)

The purpose of the Financial Services (FS) segment is to act as an internal funding partner for Linde Material Handling and STILL, providing finance solutions that promote sales.

€740.3 million REVENUE

–€1.8 million ADJUSTED EBIT

59 EMPLOYEES

Other

The Other segment comprises Egemin Automation as well as holding and service companies, that provide services across all segments.

€252.8 million REVENUE

€155.3 million ADJUSTED EBIT¹

858 EMPLOYEES

¹ before consolidation

Breakdown of total revenue in 2015 (pie chart)

Breakdown of adjusted EBIT in 2015 (bar chart)

(en) /management-report/financial-position-and-financial-performance/net-assets.html

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%

(en) /financial-statements/notes-to-the-income-statement/other-expenses.html

[10] Other expenses

The breakdown of other expenses is as follows: > TABLE 049

Other expenses		049
in € million	2015	2014
Foreign currency exchange rate losses	37.2	13.7
Losses on disposal of non-current assets	1.7	10.8
Impairment of non-current assets	4.1	–
Sundry expenses	23.6	17.6
Total other expenses	66.6	42.1

The foreign currency exchange rate gains and losses include losses amounting to €1.2 million (2014: gains of €8.5 million) on derivative financial instruments used to hedge operating currency risk.

The impairment recognised on non-current assets in the reporting year of €4.1 million (2014: €0.0 million) comprised impairment losses on capitalised development costs (see also note [17]).

(en) /financial-statements/notes-to-the-income-statement/financial-expenses.html

[13] Financial expenses

Financial expenses break down as follows: > TABLE 051

Financial expense		051
in € million	2015	2014
Interest expense from loans	10.2	12.5
Interest expense from corporate bond	30.4	40.5
Interest cost of leases	49.9	48.1
Net interest expense from defined benefit plans	17.1	20.4
Amortisation of finance costs	1.3	10.3
Foreign currency exchange rate losses (financing)	7.0	3.5
Interest cost of non-current financial liabilities	0.7	1.8
Other interest expenses and similar charges	27.3	36.2
Total financial expense	144.0	173.2

In 2015, financial expenses decreased by a substantial €29.2 million year on year. This reduction was largely due to early repayment in 2014 of the fixed-rate tranche of the corporate bond issued in 2011, which was due to mature in 2018 and had a volume of €325.0 million, and the floating-rate tranche of the corporate bond issued in 2013, which was due to mature in 2020 and had a volume of €200.0 million. Early redemption of the two bond tranches caused interest expenses arising from capital market liabilities to reduce by €10.1 million year on year. In 2014, financial expenses had also included one-off expenses of €8.4 million in connection with the amortisation of borrowing costs and a payment of €14.8 million representing early repayment charges, which were reported in other interest expense and similar charges.

The interest cost of leases relates to the interest portion of lease payments in financial services transactions in which the material risks and rewards are borne by KION Group entities as lessees (finance leases). Sale and finance leaseback operating sub-leases (SALB-FL-OL) incurred interest expenses of €27.8 million (2014: €27.2 million). The income from corresponding customer agreements is, according to IAS 17, a component of the rental and lease payments received and is therefore reported within revenue rather than as interest income.

Net interest expense from defined benefit plans relates to the net interest cost of the net liability of pension plans applying the discount rate for plans in which pension obligations exceed plan assets.

The foreign currency exchange rate gains and losses (financing) include losses amounting to €0.3 million (2014: gains of €0.3 million) on derivative financial instruments used to hedge financial currency risk.

(en) /financial-statements/notes-to-the-income-statement/earnings-per-share.html

[16] Earnings per share

Basic earnings per share are calculated by dividing the net income (loss) accruing to the KION GROUP AG shareholders by the weighted average number of shares outstanding during the reporting period (2015: 98,721,950 no-par-value shares; 2014: 98,692,041 no-par-value shares). The net income accruing to the shareholders of KION GROUP AG was €217.1 million (2014: €176.7 million); it is reported in the consolidated income statement. Basic earnings per share for the reporting period came to €2.20 (2014: €1.79). The 160,050 no-par-value treasury shares repurchased by KION GROUP AG were not included in this figure as at 31 December 2015 (31 December 2014: 163,562).

Diluted earnings per share are calculated by adding the potential dilutive no-par-value shares that employees can obtain for free under the employee share option programme to the weighted average number of shares outstanding during the reporting period. The calculation of diluted earnings per share was based on a weighted average of 98,740,662 no-par-value shares issued (2014: 98,693,221 no-par-value shares). Diluted earnings per share for the reporting period came to €2.20 (2014: €1.79).

(en) /financial-statements/other-disclosures/financial-instruments.html

[38] Information on financial instruments

The KION Group uses both primary and derivative financial instruments. The following section summarises the relevance of these financial instruments for the KION Group.

The following table shows the measurement categories defined by IAS 39. In line with IFRS 7, the table shows the carrying amounts and fair values of financial assets and liabilities:

> TABLES 094 – 095

Carrying amounts broken down by class and category 2015

094

Classes

Carrying amount

Change in valuation allowances	096
Valuation allowances as at 01/01/	40.2	42.4
Group changes	–1.8	–
Additions (cost of valuation allowances)	11.7	7.1
Reversals	–3.7	–4.6
Utilisations	–7.4	–5.1
Currency translation adjustments	–0.5	0.3
Valuation allowances as at 31/12/	38.5	40.2

Net gains and losses on financial instruments broken down by category		097
Loans and receivables (LaR)	–9.1	–4.8
Available-for-sale investments (AfS)	9.7	1.4
Financial instruments held for trading (FAHfT, FLHfT)	18.2	54.6
Financial liabilities carried at amortised cost (FLaC)	–89.6	–103.5

Offsetting of financial instruments

The potential offsetting volume essentially arises from netting arrangements in framework agreements governing derivatives trading that the KION Group concludes with commercial banks. The potential offsetting volume reported in connection with financial collateral issued relates to collateral provided in the context of the SFA serving as collateral in case of default for the creditors of all SFA tranches (including H₂a), subject to the usual limitations and agreed recovery principles. The following tables show actual offsetting and potential offsetting volumes for financial assets and financial liabilities. > TABLES 098 – 101

Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements						098
				Potential offsetting amount
	Gross amounts of recognised financial assets	Gross amounts of recognised financial liabilities set off in the balance sheet	Net amounts of financial assets presented in the balance sheet	owing to netting agreements	in connection with financial collaterals received	Potential net amount
in € million	31/12/2015
Trade receivables	670.6	−0.1	670.5	−0.0	−	670.5
Derivative financial assets	5.3	−	5.3	−2.7	−	2.6
Total	675.9	−0.1	675.8	−2.7	−	673.1

Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements						099
				Potential offsetting amount
	Gross amounts of recognised financial assets	Gross amounts of recognised financial liabilities set off in the balance sheet	Net amounts of financial assets presented in the balance sheet	owing to netting agreements	in connection with financial collaterals received	Potential net amount
in € million	31/12/2014
Trade receivables	598.3	−0.1	598.2	−0.0	−	598.2
Derivative financial assets	43.7	−	43.7	−5.8	−	37.9
Total	642.0	−0.1	641.9	−5.8	−	636.2

Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements						100
				Potential offsetting amount
	Gross amounts of recognised financial liabilities	Gross amounts of recognised financial assets set off in the balance sheet	Net amounts of financial liabilities presented in the balance sheet	owing to netting agreements	in connection with financial collaterals pledged	Potential net amount
in € million	31/12/2015
Financial liabilities	676.5	−	676.5	−	−279.7	396.9
Trade payables	574.7	−0.1	574.6	−0.0	−	574.6
Derivative financial liabilities	12.4	−	12.4	−2.7	−	9.7
Total	1,263.7	−0.1	1,263.6	−2.7	−279.7	981.2

Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements						101
				Potential offsetting amount
	Gross amounts of recognised financial liabilities	Gross amounts of recognised financial assets set off in the balance sheet	Net amounts of financial liabilities presented in the balance sheet	owing to netting agreements	in connection with financial collaterals pledged	Potential net amount
in € million	31/12/2014
Financial liabilities	909.6	−	909.6	−	−340.8	568.8
Trade payables	564.7	−0.1	564.6	−0.0	−	564.6
Derivative financial liabilities	13.3	−	13.3	−5.8	−	7.5
Total	1,487.6	−0.1	1,487.5	−5.8	−340.8	1,140.9

Fair value measurement

The majority of the cash and cash equivalents, loans, financial receivables, other non-derivative receivables and liabilities, trade receivables and trade payables held by the Group have short remaining terms to maturity. The carrying amounts of these financial instruments are roughly equal to their fair values. The fair value of liabilities to banks corresponds to the present value of the outstanding payments, taking account of the current interest-rate curve and the Group’s own default risk. This fair value, calculated for the purposes of disclosure in the notes to the financial statements, is classified as Level 2 of the fair value hierarchy.

The fair value of the corporate bond issued, calculated for disclosure in the notes to the financial statements, is determined using publicly quoted prices in an active market and is therefore classified as Level 1 of the fair value hierarchy. The calculation is based on the middle rate applicable on the reporting date.

The fair value of receivables and liabilities from finance leases corresponds to the present value of the net lease payments, taking account of the current market interest rate for similar leases.

With the exception of derivative financial instruments, long-term securities and shares in non-consolidated subsidiaries recognised at fair value, all financial assets and liabilities are measured at amortised cost.

The following tables show the assignment of fair values to the individual classification levels as defined by IFRS 7 for financial instruments measured at fair value. > TABLES 102 – 103

Financial instruments measured at fair value				102
	Fair Value Hierarchy
in € million	Level 1	Level 2	Level 3	2015
Financial assets				25.7
thereof investments in non-consolidated subsidiaries and financial investments			19.6	19.6
thereof non-current securities	0.8			0.8
thereof derivative instruments		5.3		5.3

Financial liabilities				12.4
thereof derivative instruments		11.9	0.6	12.4

Financial instruments measured at fair value				103
	Fair Value Hierarchy
in € million	Level 1	Level 2	Level 3	2014
Financial assets				44.5
thereof non-current securities	0.8			0.8
thereof derivative instruments		9.0	34.7	43.7

Financial liabilities				13.3
thereof derivative instruments		10.3	3.0	13.3

Level 1 comprises long-term securities for which the fair value is calculated using prices quoted in an active market.

All currency forwards are classified as Level 2. In the previous year, Level 2 had also included interest-rate swaps on an insignificant scale. The fair value of derivative financial instruments is determined using appropriate valuation methods on the basis of the observable market information at the reporting date. The default risk for the Group and for the counterparty is taken into account on the basis of gross figures. The fair value of currency forwards is calculated by the system using the discounting method based on forward rates on the reporting date. The fair value of interest-rate swaps is calculated as the present value of the estimated future cash flows. Both contractually agreed payments and forward interest rates are used to estimate the future cash flows, which are then discounted on the basis of a yield curve that is observable in the market.

The shares in non-consolidated subsidiaries allocated to Level 3 relate to the shares in Moden Diesel S.p.A. (formerly MODEN DIESEL S.R.L.), which were acquired in October 2015, and the shares in LR Intralogistik GmbH, which were acquired at the end of October 2015. Because the acquisitions took place shortly before the reporting date, the purchase consideration reflects the fair value.

The derivative financial liabilities allocated to Level 3 relate to a call option of Weichai Power on the 10.0 per cent of the shares in Linde Hydraulics remaining as at 31 December 2015. The Black-Scholes model and probability-weighted scenario analysis are used to calculate the fair value of the call option. The measurement is based on the following significant, unobservable input parameters as at 31 December 2015. An amount of €21.4 million has been recognised as the fair value of the underlying portion of the shares in Linde Hydraulics (31 December 2014: €21.4 million). A base exercise price of €38.7 million (31 December 2014: €38.7 million) and a term to maturity of 2.54 years (31 December 2014: 0.49–2.99 years) have been assumed for call option 2.

In the prior year, a put option held by Linde Material Handling GmbH, Aschaffenburg, and Weichai Power’s call option 1 on some of the shares in Linde Hydraulics had also been allocated to Level 3. On 20 July 2015, the KION Group exercised the put option that it held via Linde Material Handling GmbH, Aschaffenburg, on 20.0 per cent of the shares in Linde Hydraulics. This eliminated the corresponding call option 1 held by Weichai Power. The following table shows the material changes in fair value and the impact on the income statement. > TABLE 104

Development of financial assets / liabilities classified as level 3		104
in € million	2015	2014
Value as at 01/01/	31.7	–11.5
Gains recognised in net financial expenses	2.4	43.2
Disposals	–34.7	–
Value as at 31/12/	–0.6	31.7
Gains for the period relating to financial assets / liabilities classified as Level 3	2.4	43.2
Change in unrealised gains for the period relating to financial assets / liabilities held as at 31/12/	0.1	43.2

As at 31 December 2015, the fair value calculated for call option 2 on the shares in Linde Hydraulics came to minus €0.6 million (31 December 2014: net value arising from the options of €31.7 million). If the fair value of the shares had been 10.0 per cent lower on the reporting date, the fair value of call option 2 (31 December 2014: net value arising from the options) would have increased by €0.2 million (31 December 2014: by €5.3 million) to minus €0.3 million (31 December 2014: €37.1 million) and led to an additional gain of €0.2 million (31 December 2014: gain of €5.3 million). A 10.0 per cent rise in the fair value of the shares in Linde Hydraulics would have reduced the fair value of call option 2 (31 December 2014: net value arising from the options) by minus €0.3 million (31 December 2014: by €5.6 million) to minus €0.9 million (31 December 2014: €26.2 million) and led to an expense of €0.3 million (31 December 2014: €5.6 million).

In order to eliminate default risk to the greatest possible extent, the KION Group only enters into derivatives with investment-grade counterparties.

If events or changes in circumstances make it necessary to reclassify financial instruments as a different level, they are reclassified at the end of a reporting period. As had been the case in 2014, no financial instruments were transferred between Levels 1, 2 or 3 in 2015.

(en) /financial-statements/other-disclosures/list-of-shareholdings.html

[47] List of the shareholdings of KION GROUP AG, Wiesbaden

The shareholdings of the KION Group as at 31 December 2015 are listed below. > TABLE 123

List of shareholdings as of 31 December 2015

123

No.

Name

Registered office

Country

Parent company

Shareholding 2015

Shareholding 2014

Note

[1]	New during 2015
[2]	Consolidated in accordance with IFRS 10 due to contractual rights that give the ability to direct the relevant activities
[3]	No material influence
[R]	Dormant company

KION GROUP AG

Wiesbaden

Germany

Consolidated subsidiaries

Domestic

BlackForxx GmbH

Stuhr

Germany

100.00 %

Egemin GmbH

Bremen

Germany

100.00 %

–

[1]

Eisenwerk Weilbach GmbH

Wiesbaden

Germany

100.00 %

Fahrzeugbau GmbH Geisa

Geisa

Germany

100.00 %

KION Financial Services GmbH

Wiesbaden

Germany

100.00 %

KION Holding 2 GmbH

Wiesbaden

Germany

100.00 %

KION Information Management Services GmbH

Wiesbaden

Germany

100.00 %

KION Material Handling GmbH

Wiesbaden

Germany

100.00 %

KION Warehouse Systems GmbH

Reutlingen

Germany

100.00 %

Klaus Pahlke GmbH & Co. Fördertechnik KG

Haan

Germany

100.00 %

Linde Material Handling GmbH

Aschaffenburg

Germany

100.00 %

LMH Immobilien GmbH & Co. KG

Aschaffenburg

Germany

12 & 14

99.64 %

LMH Immobilien Holding GmbH & Co. KG

Aschaffenburg

Germany

94.00 %

LMH Immobilien Holding Verwaltungs-GmbH

Aschaffenburg

Germany

100.00 %

LMH Immobilien Verwaltungs-GmbH

Aschaffenburg

Germany

100.00 %

Schrader Industriefahrzeuge GmbH & Co. KG

Essen

Germany

100.00 %

STILL Financial Services GmbH

Hamburg

Germany

100.00 %

STILL Gesellschaft mit beschränkter Haftung

Hamburg

Germany

100.00 %

Urban-Transporte Gesellschaft mit beschränkter Haftung

Unterschleißheim

Germany

100.00 %

Willenbrock Fördertechnik GmbH & Co. KG

Bremen

Germany

74.00 %

Willenbrock Fördertechnik GmbH & Co. KG

Hannover

Germany

74.00 %

Willenbrock Fördertechnik Holding GmbH

Bremen

Germany

74.00 %

Foreign

Linde Material Handling Pty. Ltd.

Huntingwood

Australia

100.00 %

Egemin NV

Zwijndrecht

Belgium

100.00 %

–

[1]

STILL NV

Wijnegem

Belgium

19 & 68

100.00 %

KION South America Fabricação de Equipamentos para Armazenagem Ltda.

Indaiatuba / São Paulo

Brazil

100.00 %

STILL DANMARK A/S

Kolding

Denmark

100.00 %

BARTHELEMY MANUTENTION SAS

Vitrolles

France

83.50 %

87.00 %

Bastide Manutention SAS

Bruguières

France

100.00 %

Bretagne Manutention S.A.

Pacé

France

100.00 %

Egemin SAS

Heillecourt

France

100.00 %

–

[1]

FENWICK FINANCIAL SERVICES SAS

Elancourt

France

100.00 %

FENWICK-LINDE S.A.R.L.

Elancourt

France

35 & 12

100.00 %

KION France SERVICES SAS

Elancourt

France

100.00 %

LOIRE OCEAN MANUTENTION SAS

Saint-Herblain

France

79.99 %

83.43 %

Manuchar S.A.

Gond Pontouvre

France

100.00 %

MANUSOM SAS

Rivery

France

100.00 %

Société Angoumoisine de Manutention (SAMA) SAS

Champniers

France

100.00 %

SM Rental SAS

Roissy Charles de Gaulle

France

100.00 %

STILL Location Services SAS

Marne-la-Vallée

France

100.00 %

STILL SAS

Marne-la-Vallée

France

100.00 %

Egemin UK Ltd.

Huntingdon

U.K.

100.00 %

–

[1]

KION FINANCIAL SERVICES Ltd.

Basingstoke

U.K.

100.00 %

Linde Castle Ltd.

Basingstoke

U.K.

100.00 %

Linde Creighton Ltd.

Basingstoke

U.K.

100.00 %

Linde Holdings Ltd.

Basingstoke

U.K.

100.00 %

Linde Jewsbury’s Ltd.

Basingstoke

U.K.

100.00 %

Linde Material Handling (UK) Ltd.

Basingstoke

U.K.

100.00 %

Linde Material Handling East Ltd.

Basingstoke

U.K.

100.00 %

Linde Material Handling Scotland Ltd.

Basingstoke

U.K.

100.00 %

Linde Material Handling South East Ltd.

Basingstoke

U.K.

100.00 %

Linde Severnside Ltd.

Basingstoke

U.K.

100.00 %

Linde Sterling Ltd.

Basingstoke

U.K.

100.00 %

STILL Materials Handling Ltd.

Exeter

U.K.

100.00 %

Superlift UK Ltd.

Basingstoke

U.K.

100.00 %

Egemin Asia Pacific Automation Ltd.

Causeway Bay

Hong Kong

100.00 %

–

[1]

KION ASIA (HONG KONG) Ltd.

Kwai Chung

Hong Kong

100.00 %

Linde Material Handling Hong Kong Ltd.

Kwai Chung

Hong Kong

100.00 %

KION India Pvt. Ltd.

Pune

India

100.00 %

Linde Material Handling (Ireland) Ltd.

Walkinstown

Ireland

100.00 %

KION Rental Services S.p.A.

Milan

Italy

63 & 64 & 65

100.00 %

Linde Material Handling Italia S.p.A.

Buguggiate

Italy

100.00 %

OM Carrelli Elevatori S.p.A.

Lainate

Italy

12 & 65

100.00 %

STILL ITALIA S.p.A.

Lainate

Italy

100.00 %

KION Finance S.A.

Luxembourg

–

[2]

Egemin Handling Automation B.V.

Gorinchem

Netherlands

100.00 %

–

[1]

STILL Intern Transport B.V.

Hendrik Ido Ambacht

Netherlands

100.00 %

AUSTRO OM PIMESPO Fördertechnik GmbH

Linz

Austria

100.00 %

Linde Fördertechnik GmbH

Linz

Austria

12 & 69

100.00 %

STILL Gesellschaft m.b.H.

Wiener Neudorf

Austria

100.00 %

Linde Material Handling Polska Sp. z o.o.

Warsaw

Poland

100.00 %

STILL POLSKA Sp. z o.o.

Gadki

Poland

100.00 %

OOO “Linde Material Handling Rus”

Moscow

Russia

12 & 4

100.00 %

OOO “STILL Forklifttrucks”

Moscow

Russia

12 & 19

100.00 %

STILL MOTOSTIVUITOARE S.R.L.

Giurgiu

Romania

12 & 19

100.00 %

Linde Material Handling AB

Örebro

Sweden

100.00 %

STILL Sverige AB

Malmö

Sweden

100.00 %

Linde Material Handling Schweiz AG

Dietlikon

Switzerland

100.00 %

STILL AG

Otelfingen

Switzerland

100.00 %

KION South Asia Pte. Ltd.

Singapore

100.00 %

Linde Material Handling Asia Pacific Pte. Ltd.

Singapore

100.00 %

Linde Material Handling Slovenská republika s.r.o.

Trenčin

Slovakia

12 & 92

100.00 %

STILL SR, spol. s r.o.

Nitra

Slovakia

19 & 94

100.00 %

Linde Viličar d.o.o.

Celje

Slovenia

100.00 %

Islavista Spain S.A.U.

L’Hospitalet de Llobregat

Spain

100.00 %

KION Rental Services S.A.U.

Barcelona

Spain

100.00 %

Linde Holding de Inversiones, S.R.L.

Pallejá

Spain

100.00 %

Linde Material Handling Ibérica, S.A.U.

Pallejá

Spain

100.00 %

STILL, S.A.U.

L’Hospitalet de Llobregat

Spain

100.00 %

Linde Material Handling (Pty) Ltd.

Linbro Park

South Africa

100.00 %

Linde Material Handling Česká republika s r.o.

Prague

Czech Republic

12 & 19

100.00 %

Linde Pohony s r.o.

Český Krumlov

Czech Republic

100.00 %

STILL ČR spol. s r.o.

Prague

Czech Republic

12 & 19

100.00 %

STILL ARSER Iş Makineleri Servis ve Ticaret A.Ş.

Izmir

Turkey

51.00 %

Linde Magyarország Anyagmozgatási Kft.

Dunaharaszti

Hungary

100.00 %

STILL Kft.

Környe

Hungary

100.00 %

Egemin Automation Inc.

Holland

United States

100.00 %

–

[1]

Egemin Group, Inc.

Bingham Farms

United States

100.00 %

–

[1]

100

KION North America Corp.

Summerville

United States

100.00 %

101

Egemin (Shanghai) Trading Company Ltd.

Shanghai

People’s Republic of China

100.00 %

–

[1]

102

KION Baoli (Jiangsu) Forklift Co., Ltd.

Jiangjiang

People’s Republic of China

100.00 %

103

Linde (China) Forklift Truck Corporation Ltd.

Xiamen

People’s Republic of China

100.00 %

Non-consolidated subsidiaries

Domestic

104

Klaus Pahlke Betriebsführungs-GmbH

Haan

Germany

100.00 %

105

LR Intralogistik GmbH

Wörth a. d. Isar

Germany

100.00 %

–

[1]

106

OM Deutschland GmbH

Neuhausen a. d. Fildern

Germany

100.00 %

[R]

107

proplan Transport- und Lagersysteme GmbH

Aschaffenburg

Germany

100.00 %

108

Schrader Industriefahrzeuge Verwaltung GmbH

Essen

Germany

100.00 %

109

Trainingscenter für Sicherheit und Transport GmbH

Bremen

Germany

74.00 %

110

Willenbrock Fördertechnik Beteiligungs-GmbH

Bremen

Germany

74.00 %

111

Willenbrock Fördertechnik Beteiligungs-GmbH

Hannover

Germany

74.00 %

Foreign

112

Lansing Bagnall (Aust.) Pty. Ltd.

Huntingwood

Australia

49 & 12

100.00 %

[R]

113

Baoli France SAS

Elancourt

France

100.00 %

114

OM PIMESPO FRANCE SAS

Marne-la-Vallée

France

100.00 %

[R]

115

SCI Champ Lagarde

Elancourt

France

100.00 %

116

URBAN LOGISTIQUE SAS

Elancourt

France

100.00 %

117

Castle Lift Trucks Ltd.

Basingstoke

U.K.

100.00 %

[R]

118

Creighton Materials Handling Ltd.

Basingstoke

U.K.

100.00 %

[R]

119

D.B.S. Brand Factors Ltd.

Basingstoke

U.K.

100.00 %

[R]

120

Fork Truck Rentals Ltd.

Basingstoke

U.K.

100.00 %

[R]

121

Fork Truck Training Ltd.

Basingstoke

U.K.

100.00 %

[R]

122

Lancashire (Fork Truck) Services Ltd.

Basingstoke

U.K.

100.00 %

[R]

123

Linde Heavy Truck Division Ltd.

Basingstoke

U.K.

100.00 %

124

McLEMAN FORK LIFT SERVICES LTD.

Basingstoke

U.K.

100.00 %

125

Stephensons Enterprise Fork Trucks Ltd.

Basingstoke

U.K.

100.00 %

[R]

126

Sterling Mechanical Handling Ltd.

Basingstoke

U.K.

100.00 %

[R]

127

Trifik Services Ltd.

Basingstoke

U.K.

100.00 %

[R]

128

Urban Logistics (UK) Ltd.

Basingstoke

U.K.

100.00 %

129

Handling & Storage Equipment (Ireland) Ltd.

Walkinstown

Ireland

100.00 %

[R]

130

Carest SRL

Lainate

Italy

100.00 %

[R]

131

COMMERCIALE CARRELLI S.r.l.

Lainate

Italy

65 & 62

100.00 %

[R]

132

Moden Diesel S.p.A.

Modena

Italy

100.00 %

–

[1]

133

QUALIFT S.p.A.

Verona

Italy

100.00 %

134

URBAN LOGISTICA S.R.L.

Lainate

Italy

100.00 %

135

WHO Real Estate UAB

Vilnius

Lithuania

74.00 %

136

TOO “Linde Material Handling Kazakhstan”

Almaty

Kazakhstan

12 & 4

100.00 %

137

Linde Material Handling (Malaysia) Sdn. Bhd.

Petaling Jaya

Malaysia

100.00 %

138

IBER-MICAR S.L.

Gavà

Spain

100.00 %

139

Linde Viljuškari d.o.o.

Vrčin

Serbia

100.00 %

140

Linde Material Handling (Thailand) Co., Ltd.

Pathum Thani

Thailand

100.00 %

141

Baoli Material Handling Europe s.r.o.

Prague

Czech Republic

102

100.00 %

142

Linde Material Handling Parts Distribution CZ s.r.o.

Český Krumlov

Czech Republic

100.00 %

–

[1]

143

Použitý Vozík CZ, s.r.o.

Prague

Czech Republic

100.00 %

144

Urban Transporte spol. s.r.o.

Moravany u Brna

Czech Republic

100.00 %

145

TOV “Linde Material Handling Ukraine”

Kiev

Ukraine

12 & 4

100.00 %

Associates (equity-accounted investments)

Domestic

146

Carl Beutlhauser Kommunal- und Fördertechnik GmbH & Co. KG (formerly: Beutlhauser-Bassewitz GmbH & Co. KG)

Hagelstadt

Germany

25.00 %

147

Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG

Hamburg

Germany

21.00 %

148

Linde Hydraulics GmbH & Co. KG

Aschaffenburg

Germany

10.00 %

30.00 %

149

Pelzer Fördertechnik GmbH

Kerpen

Germany

24.96 %

Foreign

150

Linde High Lift Chile S.A.

Santiago de Chile

Chile

45.00 %

151

Labrosse Equipement S.A.

Saint-Péray

France

34.00 %

152

Normandie Manutention S.A.

Saint-Etienne du Rouvray

France

34.00 %

Joint Ventures (equity-accounted investments)

Domestic

153

Linde Leasing GmbH

Wiesbaden

Germany

45.00 %

Foreign

154

JULI Motorenwerk s.r.o.

Moravany u Brna

Czech Republic

12 & 19

50.00 %

Joint Ventures (at cost)

Domestic

155

Eisengießerei Dinklage GmbH

Dinklage

Germany

50.00 %

Associates (at cost)

Domestic

156

JETSCHKE GmbH

Hamburg

Germany

21.00 %

157

Linde Hydraulics Verwaltungs GmbH

Aschaffenburg

Germany

10.00 %

30.00 %

158

MV Fördertechnik GmbH

Blankenhain

Germany

25.00 %

159

Supralift Beteiligungs- und Kommunikationsgesellschaft mbH

Hofheim am Taunus

Germany

50.00 %

160

Supralift GmbH & Co. KG

Hofheim am Taunus

Germany

50.00 %

Foreign

161

Chadwick Materials Handling Ltd.

Corsham

U.K.

48.00 %

162

Bari Servizi Industriali S.C.A R.L.

Modugno

Italy

25.00 %

163

Nordtruck AB

Örnsköldsvik

Sweden

25.00 %

164

Carretillas Elevadoras Sudeste S.A.

Murcia

Spain

38.54 %

165

Motorové závody JULI CZ s r.o.

Moravany u Brna

Czech Republic

50.00 %

Financial investments (at cost)

Foreign

166

TPZ Linde Viličari Hrvatska d.o.o.

Zagreb

Croatia

20.00 %

[3]

167

Balyo SA

Moissy-Cramayel

France

10.00 %

–

[1], [3]

(en) /financial-statements/other-disclosures/auditors-fees.html

[48] Auditors' fees

The fees recognised as an expense and paid to the auditors of the consolidated financial statements in 2015 amounted to €1.1 million (2014: €1.0 million) for the audit of the financial statements, €0.6 million (2014: €0.4 million) for other attestation services, €0.0 million (2014: €0.1 million) for tax consultancy services and €0.8 million (2014: €0.1 million) for other services.