Net assets
Non-current assets had increased to €4,706.4 million as at 30 September 2015 (31 December 2014: €4,524.8 million), primarily due to the expanding leasing business. Intangible assets accounted for €2,463.5 million (31 December 2014: €2,412.5 million). Within that amount, goodwill and the KION Group’s brand names rose to €2,153.7 million owing to currency effects and, in particular, the first-time consolidation of Egemin Automation (31 December 2014: €2,092.4 million). Due to the overall growth in business, leased assets for leases with end customers that are classified as operating leases increased from €279.0 million at 31 December 2014 to €310.2 million at 30 September 2015. Long-term lease receivables arising from leases with end customers that are classified as finance leases were significantly higher at €436.5 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 €511.4 million (31 December 2014: €487.1 million).
Overall, current assets increased by €229.4 million to €1,833.0 million. This growth was predominantly driven by the sharp rise in trade receivables and inventories. By contrast, short-term lease receivables from end customers decreased to €175.5 million at the end of the reporting period (31 December 2014: €202.5 million). The asset classified as held for sale of €41.0 million, which related to the exercise of the put option on 20.0 per cent of the shares in Linde Hydraulics, was offset by an equal decrease in equity-accounted investments within non-current assets. Two-thirds of the loan disbursed to Linde Hydraulics is likely to be transferred to Weichai Power in connection with exercising the put option. Consequently, this current asset was also reclassified as held for sale as at 30 September. In total €51.0 million has been classified as assets held for sale.
Cash and cash equivalents amounted to €102.1 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 September 2015 amounted to €890.1 million. > TABLE 15
|
(Condensed) statement of financial position – assets |
15 |
||||
|
in € million |
30/09/2015 |
in % |
31/12/2014 |
in % |
Change |
|
Non-current assets |
4,706.4 |
72.0% |
4,524.8 |
73.8% |
4.0% |
|
thereof: |
|
|
|
|
|
|
Goodwill |
1,549.6 |
23.7% |
1,497.1 |
24.4% |
3.5% |
|
Brand names |
604.1 |
9.2% |
595.4 |
9.7% |
1.5% |
|
Deferred tax assets |
375.9 |
5.7% |
357.9 |
5.8% |
5.0% |
|
Rental assets |
511.4 |
7.8% |
487.1 |
7.9% |
5.0% |
|
Leased assets |
310.2 |
4.7% |
279.0 |
4.6% |
11.2% |
|
Lease receivables |
436.5 |
6.7% |
345.3 |
5.6% |
26.4% |
|
|
|
|
|
|
|
|
Current assets |
1,833.0 |
28.0% |
1,603.7 |
26.2% |
14.3% |
|
thereof: |
|
|
|
|
|
|
Inventories |
642.6 |
9.8% |
529.2 |
8.6% |
21.4% |
|
Trade receivables |
675.2 |
10.3% |
598.2 |
9.8% |
12.9% |
|
Lease receivables |
175.5 |
2.7% |
202.5 |
3.3% |
–13.4% |
|
Other current assets |
174.6 |
2.7% |
168.2 |
2.7% |
3.8% |
|
Cash and cash equivalents |
102.1 |
1.6% |
98.9 |
1.6% |
3.2% |
|
|
|
|
|
|
|
|
Total assets |
6,539.4 |
|
6,128.5 |
|
6.7% |