Net assets
Non-current assets had increased to €4,666.9 million as at 31 March 2015 (31 December 2014: €4,524.8 million). Intangible assets accounted for €2,414.6 million (31 December 2014: €2,412.5 million). Goodwill and the KION Group’s brand names represented €2,098.6 million of that, which was only slightly higher than at the end of the previous year (31 December 2014: €2,092,4 million) due to currency effects. Due to the overall growth in business, leased assets for leases with end customers that are classified as operating leases rose slightly, from €279.0 million at 31 December 2014 to €288.6 million at 31 March 2015. Long-term lease receivables arising from leases with end customers that are classified as finance leases were significantly higher at €408.8 million (31 December 2014: €345.3 million) owing to the increase in new business with end customers. The rental assets in the brand segments’ short-term rental fleet advanced to €497.0 million (31 December 2014: €487.1 million).
The rise in current assets to €1,751.6 million (31 December 2014: €1,603.7 million) was mainly attributable to trade receivables, but also to increased inventories. Inventories in both the LMH and the STILL segments had grown considerably compared with 31 December 2014. This seasonal increase, particularly in inventories, is necessary to maintain a stable production process. There was also a decrease in short-term lease receivables from end customers, which reached €161.7 million at the end of the reporting period (31 December 2014: €202.5 million).
Cash and cash equivalents amounted to €83.4 million at the end of the quarter (31 December 2014: €98.9 million). Taking into account the credit facility that was still available, the cash and cash equivalents available to the KION Group at 31 March 2015 amounted to €914.9 million. > TABLE 15
(Condensed) statement of financial position – assets |
15 |
||||
in € million |
31/03/2015 |
in % |
31/12/2014 |
in % |
Change |
Non-current assets |
4,666.9 |
72.7% |
4,524.8 |
73.8% |
3.1% |
thereof: |
|
|
|
|
|
Goodwill |
1,502.1 |
23.4% |
1,497.1 |
24.4% |
0.3% |
Brand names |
596.5 |
9.3% |
595.4 |
9.7% |
0.2% |
Deferred tax assets |
413.0 |
6.4% |
357.9 |
5.8% |
15.4% |
Rental assets |
497.0 |
7.7% |
487.1 |
7.9% |
2.0% |
Leased assets |
288.6 |
4.5% |
279.0 |
4.6% |
3.4% |
Lease receivables |
408.8 |
6.4% |
345.3 |
5.6% |
18.4% |
|
|
|
|
|
|
Current assets |
1,751.6 |
27.3% |
1,603.7 |
26.2% |
9.2% |
thereof: |
|
|
|
|
|
Inventories |
623.1 |
9.7% |
529.2 |
8.6% |
17.7% |
Trade receivables |
674.9 |
10.5% |
598.2 |
9.8% |
12.8% |
Lease receivables |
161.7 |
2.5% |
202.5 |
3.3% |
–20.1% |
Other current assets |
196.7 |
3.1% |
168.2 |
2.7% |
17.0% |
Cash and cash equivalents |
83.4 |
1.3% |
98.9 |
1.6% |
–15.7% |
|
|
|
|
|
|
Total assets |
6,418.6 |
|
6,128.5 |
|
4.7% |