Selected notes to the consolidated statement of financial position

Goodwill and other intangible assets

The change in the amount of goodwill in the first three months of 2015 was the result of currency effects.

The total carrying amount for technology and development assets as at 31 March 2015 was €208.7 million (31 December 2014: €210.0 million). Development costs of €9.6 million were capitalised in the first quarter of 2015 (Q1 2014: €9.8 million). Total research and development costs of €34.0 million were recognised as an expense in the first quarter of 2015 (Q1 2014: €29.5 million). Of this amount, €13.0 million (Q1 2014: €9.9 million) related to amortisation.

Inventories

The rise in inventories compared with 31 December 2014 was largely attributable to the increase in work in progress (up by 13.7 per cent) and finished goods (up by 23.4 per cent). In the first quarter of 2015, impairment losses of €2.7 million were recognised on inventories (Q1 2014: €4.5 million). Reversals of impairment losses had to be recognised in the amount of €0.9 million (Q1 2014: €0.4 million) because the reasons for the impairment no longer existed.

Trade receivables

The rise in trade receivables compared with 31 December 2014 was primarily due to the increase of €67.6 million in receivables due from third parties and the increase of €9.3 million in receivables due from unconsolidated subsidiaries, equity-accounted investments and other investments. Valuation allowances of €40.5 million (31 December 2014: €40.2 million) were recognised for trade receivables.

Equity

As at 31 March 2015, the Company’s share capital amounted to €98.9 million, which was unchanged on 31 December 2014, and was fully paid up. It was divided into 98.9 million no-par-value shares.

The total number of shares outstanding as at 31 March 2015 was 98,736,438 no-par-value shares (31 December 2014: 98,736,438 no-par-value shares). At the reporting date, KION GROUP AG held 163,562 treasury shares, as it had at 31 December 2014.

Retirement benefit obligation

For the purposes of the interim report, a qualified estimate of the defined benefit obligation was made based on the change in actuarial parameters in the period under review.

The retirement benefit obligation was higher than it had been at the end of 2014 owing, above all, to actuarial losses resulting from lower discount rates. The estimated present value of the defined benefit obligation was calculated on the basis of the discount rates shown in > TABLE 24.

The change in estimates in relation to defined benefit pension entitlements resulted in a decrease of €111.5 million in equity as at 31 March 2015 (after deferred taxes). The net obligation after offsetting the retirement benefit obligation against the pension plan assets recognised under ‘Other non-current financial assets’ therefore increased to €926.3 million (31 December 2014: €765.8 million).