Net assets
As part of the finalisation of the purchase price allocation (PPA) of the acquisition of Dematic in the third quarter, the intangible assets were allocated to individual companies. This adjustment resulted in a reduction of deferred tax liabilities and a corresponding decline of €13.1 million in goodwill. As a result of the retrospective restatement of the purchase price allocation as at 1 November 2016, adjustments were also made to the carrying amounts as at 31 December 2016. Currency translation effects as at 31 December 2016 fell by a total of €39.4 million because goodwill and other intangible assets had been allocated to individual companies for the purposes of foreign currency translation.
Overall, net assets changed only marginally in the third quarter. Over the nine-month period, non-current assets declined to €8,632.4 million (31 December 2016: €8,942.4 million). Intangible assets accounted for €5,769.0 million as at 30 September 2017 (31 December 2016: €6,175.6 million). Within that amount, goodwill and the KION Group’s brand names fell to €4,346.4 million, largely due to exchange-rate effects (31 December 2016: €4,527.2 million).
Rental assets stood at €608.7 million as at 30 September 2017 (31 December 2016: €575.3 million). Leased assets for leases with end customers that are classified as operating leases rose to €483.4 million (31 December 2016: €429.7 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases were also higher than at the end of last year at €570.0 million (31 December 2016: €531.3 million).
Current assets stood at €2,575.1 million, which was higher than at the end of 2016 (31 December 2016: €2,354.6 million). The increase in inventories in the Industrial Trucks & Services segment was one of the influencing factors here. As at 30 September 2017, the KION Group’s net working capital of €745.5 million was significantly higher than at the end of last year (31 December 2016: €495.9 million). Cash and cash equivalents declined to €187.9 million (31 December 2016: €279.6 million). > TABLE 10
(Condensed) statement of financial position |
10 |
||||||
in € million |
30/09/2017 |
in % |
31/12/2016 |
in % |
Change |
||
|
|||||||
Non-current assets1 |
8,632.4 |
77.0% |
8,942.4 |
79.2% |
–3.5% |
||
Current assets |
2,575.1 |
23.0% |
2,354.6 |
20.8% |
9.4% |
||
Total assets1 |
11,207.5 |
– |
11,297.0 |
– |
–0.8% |
||
Equity1 |
3,019.4 |
26.9% |
2,495.7 |
22.1% |
21.0% |
||
Non-current liabilities1 |
5,457.7 |
48.7% |
6,128.9 |
54.3% |
–11.0% |
||
Current liabilities |
2,730.4 |
24.4% |
2,672.5 |
23.7% |
2.2% |
||
Total equity and liabilities1 |
11,207.5 |
– |
11,297.0 |
– |
–0.8% |
||