Net assets
Non-current assets
Non-current assets increased to €9,004.6 million (31 December 2015: €4,810.3 million), primarily as a result of the acquisition of Dematic. Intangible assets accounted for €6,236.7 million (31 December 2015: €2,452.5 million). Within that amount, goodwill and the KION Group’s brand names rose significantly to €4,578.1 million (31 December 2015: €2,152.2 million) owing to currency effects and, in particular, the first-time consolidation of Dematic on the basis of a provisional purchase price allocation.
Rental assets increased to €575.3 million, reflecting the expansion of the rental fleet (31 December 2015: €544.0 million). Due to the overall growth in business, leased assets for leases with end customers that are classified as operating leases increased to €429.7 million (31 December 2015: 334.4 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases advanced to €531.3 million (31 December 2015: €472.0 million).
The amount of deferred tax assets recognised in the statement of financial position rose by €71.2 million to reach €420.2 million as at the reporting date. 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 €724.7 million to €2,354.6 million (31 December 2015: €1,629.9 million). This change reflected the marked impact of Dematic on the statement of financial position as well as an expansion in trade receivables and inventories in the Industrial Trucks & Services segment in line with the growth of the business. Working capital (inventories and trade receivables less trade payables) amounted to €869.1 million as at the reporting date (31 December 2015: €649.3 million).
The breakdown of the reported inventories as at 31 December 2016 was as follows: > TABLE 025
Inventories |
|
|
025 |
in € million |
2016 |
2015 |
Change |
Materials and supplies |
158.0 |
115.9 |
36.3% |
Work in progress |
105.3 |
75.0 |
40.4% |
Finished goods and merchandise |
396.5 |
359.5 |
10.3% |
Advances paid |
12.6 |
3.1 |
> 100% |
Total inventories |
672.4 |
553.5 |
21.5% |
Current lease receivables from end customers increased by €18.6 million year on year to €200.3 million (31 December 2015: €181.7 million).
Cash and cash equivalents went up by €176.5 million to €279.6 million (31 December 2015: €103.1 million). A significant cash reserve at Dematic was one of the factors that led to this temporary increase as at the reporting date.
The condensed consolidated statement of financial position as at 31 December 2016 showing current and non-current assets and liabilities together with equity is presented in > TABLE 026.
(Condensed) statement of financial position |
026 |
||||
in € million |
2016 |
in % |
2015 |
in % |
Change |
Non-current assets |
9,004.6 |
79.3% |
4,810.3 |
74.7% |
87.2% |
Current assets |
2,354.6 |
20.7% |
1,629.9 |
25.3% |
44.5% |
Total assets |
11,359.2 |
– |
6,440.2 |
– |
76.4% |
Equity |
2,535.1 |
22.3% |
1,848.7 |
28.7% |
37.1% |
Non-current liabilities |
6,151.7 |
54.2% |
2,860.0 |
44.4% |
> 100% |
Current liabilities |
2,672.5 |
23.5% |
1,731.5 |
26.9% |
54.3% |
Total equity and liabilities |
11,359.2 |
– |
6,440.2 |
– |
76.4% |