Basis of presentation

General information on the Company

By resolution of the Annual General Meeting dated 9 May 2018, KION GROUP AG’s registered office was moved to Thea-Rasche-Strasse 8, 60549 Frankfurt am Main, Germany. The relocation became legally effective when it was entered in the commercial register at the Frankfurt am Main local court under reference HRB 112163 on 20 June 2018.

The condensed consolidated interim financial statements and the interim group management report were prepared by the Executive Board of KION GROUP AG on 25 July 2018.

Basis of preparation

The condensed consolidated interim financial statements of the KION Group for the six months ended 30 June 2018 have been prepared in line with International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’ and other International Financial Reporting Standards (IFRSs) as adopted by the European Union in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council concerning the application of international accounting standards for interim financial statements. A condensed scope of interim reporting has been prepared in accordance with IAS 34.

All of the IFRSs and the related interpretations (IFRICs / SICs) of the IFRS Interpretations Committee (IFRS IC) that had been issued by the reporting date and that were required to be applied for financial years commencing on or after 1 January 2018 have been applied in preparing these condensed consolidated interim financial statements. Furthermore, IFRS 16 ‘Leases’, which is only required to be applied for financial years commencing on or after 1 January 2019, has been voluntarily adopted early with effect from 1 January 2018 because of its interactions with IFRS 15 ‘Revenue from Contracts with Customers’. These condensed consolidated interim financial statements do not contain all the information and disclosures required of a set of consolidated annual financial statements and should therefore be read in conjunction with the consolidated financial statements prepared for the year ended 31 December 2017.

The reporting currency is the euro. All amounts are disclosed in millions of euros (€ million) unless stated otherwise. Due to rounding effects, addition of the individual amounts shown may result in minor rounding differences to the totals. The percentages shown are calculated on the basis of the respective amounts, rounded to the nearest thousand euros.

Basis of consolidation

A total of 24 German (31 December 2017: 24) and 115 foreign (31 December 2017: 114) subsidiaries were fully consolidated in addition to KION GROUP AG as at 30 June 2018.

In addition, two joint ventures and seven associates were consolidated and accounted for using the equity method as at 30 June 2018, which was the same number as at 31 December 2017.

55 (31 December 2017: 56) subsidiaries with minimal business volumes or no business operations and other equity investments were not included in the consolidation.

Accounting policies