Current and non-current liabilities rose to €9,673.8 million as at the reporting date (31 December 2017: €9,345.4 million). Whereas the increase in long-term borrowing to €2,039.7 million was negligible (31 December 2017: €2,024.8 million), current financial liabilities rose to €428.2 million (31 December 2017: €243.9 million). This rise of €184.4 million was due to drawdowns under the revolving credit facility in order to fund net working capital. After deduction of cash and cash equivalents, net financial debt increased to €2,287.5 million (31 December 2017: €2,095.5 million). This equated to 1.5 times the adjusted EBITDA on an annualised basis. The unused, unrestricted SFA loan facility stood at €816.1 million as at 30 June 2018. > TABLE 12
Net financial debt |
12 |
in € million |
30/06/2018 |
31/12/2017 |
Change |
Liabilities to banks |
1,249.7 |
1,253.7 |
–0.3% |
Promissory note |
1,212.9 |
1,007.3 |
20.4% |
Other financial liabilities to non-banks |
5.4 |
7.7 |
–30.1% |
Financial liabilities |
2,467.9 |
2,268.7 |
8.8% |
Less cash and cash equivalents |
–180.4 |
–173.2 |
–4.2% |
Net financial debt |
2,287.5 |
2,095.5 |
9.2% |
With discount rates unchanged on average, the retirement benefit obligation of €1,020.4 million was only slightly higher than its level at the end of last year (31 December 2017: €1,002.7 million). Lease liabilities arising from sale and leaseback transactions to fund the leasing business declined significantly to €910.1 million (31 December 2017: €1,131.1 million). This reduction was offset by an increase in liabilities from financial services relating to the long-term leasing business, which rose to €772.3 million (31 December 2017: €437.4 million). Furthermore, the short-term rental fleet is funded using liabilities from financial services totalling €170.2 million (31 December 2017: €0.0 million). Current and non-current other financial liabilities came to €813.1 million (31 December 2017: €962.2 million). This included liabilities from procurement leases totalling €393.3 million (31 December 2017: €369.1 million), for which right-of-use assets were recorded. Also included were liabilities of €358.3 million from sale and leaseback transactions used to finance the short-term rental fleet (31 December 2017: €515.7 million).
Contract liabilities, of which a large proportion related to the long-term project business, were lower than at the end of 2017 at €288.6 million (31 December 2017: €324.4 million). Equity rose to €3,046.9 million as at 30 June 2018 (31 December 2017: €2,992.3 million). The addition of net income of €147.7 million was largely negated by the dividend of €116.8 million paid by KION GROUP AG in May. The equity ratio was 24.0 per cent (31 December 2017: 24.3 per cent). > TABLE 11
(Condensed) statement of financial position |
11 |
in € million |
30/06/2018 |
in % |
31/12/2017* |
in % |
Change |
Non-current assets |
9,893.2 |
77.8% |
9,850.6 |
79.8% |
0.4% |
Current assets |
2,827.5 |
22.2% |
2,487.1 |
20.2% |
13.7% |
Total assets |
12,720.7 |
– |
12,337.7 |
– |
3.1% |
Equity |
3,046.9 |
24.0% |
2,992.3 |
24.3% |
1.8% |
Non-current liabilities |
6,166.5 |
48.5% |
6,133.7 |
49.7% |
0.5% |
Current liabilities |
3,507.3 |
27.6% |
3,211.7 |
26.0% |
9.2% |
Total equity and liabilities |
12,720.7 |
– |
12,337.7 |
– |
3.1% |