Net assets
Non-current assets had increased to €4,637.9 million as at 30 June 2015 (31 December 2014: €4,524.8 million). Intangible assets accounted for €2,399.4 million (31 December 2014: €2,412.5 million). Goodwill and the KION Group’s brand names represented €2,097.2 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 €300.3 million at 30 June 2015. Long-term lease receivables arising from leases with end customers that are classified as finance leases were significantly higher at €426.3 million (31 December 2014: €345.3 million) owing to the increase in new business. The rental assets in the brand segments’ short-term rental fleet advanced to €519.8 million (31 December 2014: €487.1 million).
By contrast, there was a reduction in non-current assets because 20 per cent of the shares in Linde Hydraulics, which were accounted for under the equity method, were reclassified as per end of June as current assets held for sale (€41.0 million) in connection with an exercisable put option vis-à-vis Weichai Power. Overall, current assets increased by €197.3 million to €1,801.0 million. The reasons for this rise included significant growth in trade receivables and inventories. There was also a decrease in short-term lease receivables from end customers, which reached €163.4 million at the end of the reporting period (31 December 2014: €202.5 million).
Cash and cash equivalents amounted to €61.9 million at the reporting date (31 December 2014: €98.9 million). Taking into account the credit facility that had not been used, the cash and cash equivalents available to the KION Group at 30 June 2015 amounted to €884.6 million. > TABLE 15
(Condensed) statement of financial position – assets |
15 |
||||
in € million |
30/06/2015 |
in % |
31/12/2014 |
in % |
Change |
Non-current assets |
4,637.9 |
72.0% |
4,524.8 |
73.8% |
2.5% |
thereof: |
|
|
|
|
|
Goodwill |
1,501.2 |
23.3% |
1,497.1 |
24.4% |
0.3% |
Brand names |
596.0 |
9.3% |
595.4 |
9.7% |
0.1% |
Deferred tax assets |
374.0 |
5.8% |
357.9 |
5.8% |
4.5% |
Rental assets |
519.8 |
8.1% |
487.1 |
7.9% |
6.7% |
Leased assets |
300.3 |
4.7% |
279.0 |
4.6% |
7.6% |
Lease receivables |
426.3 |
6.6% |
345.3 |
5.6% |
23.5% |
|
|
|
|
|
|
Current assets |
1,801.0 |
28.0% |
1,603.7 |
26.2% |
12.3% |
thereof: |
|
|
|
|
|
Inventories |
622.0 |
9.7% |
529.2 |
8.6% |
17.5% |
Trade receivables |
713.0 |
11.1% |
598.2 |
9.8% |
19.2% |
Lease receivables |
163.4 |
2.5% |
202.5 |
3.3% |
–19.3% |
Other current assets |
188.3 |
2.9% |
168.2 |
2.7% |
12.0% |
Cash and cash equivalents |
61.9 |
1.0% |
98.9 |
1.6% |
–37.4% |
|
|
|
|
|
|
Total assets |
6,438.9 |
|
6,128.5 |
|
5.1% |