Net assets
The condensed consolidated statement of financial position as at 31 December 2019 showing current and non-current assets and liabilities together with equity is presented in > TABLE 017.
in € million |
2019 |
in % |
2018 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
10,696.4 |
77.7% |
10,150.6 |
78.3% |
5.4% |
Current assets |
3,068.8 |
22.3% |
2,818.2 |
21.7% |
8.9% |
Total assets |
13,765.2 |
– |
12,968.8 |
– |
6.1% |
Equity |
3,558.4 |
25.9% |
3,305.1 |
25.5% |
7.7% |
Non-current liabilities |
6,277.8 |
45.6% |
5,999.1 |
46.3% |
4.6% |
Current liabilities |
3,929.0 |
28.5% |
3,664.6 |
28.3% |
7.2% |
Total equity and liabilities |
13,765.2 |
– |
12,968.8 |
– |
6.1% |
Non-current assets
Non-current assets increased to €10,696.4 million as at the reporting date (2018: €10,150.6 million). The total carrying amount of intangible assets rose to €5,732.5 million (2018: €5,721.6 million). The goodwill included in this figure was up slightly due to currency effects, reaching €3,475.8 million (2018: €3,424.8 million). There was an increase in other property, plant and equipment to €1,236.3 million (2018: €1,077.8 million). This was due not only to higher capital expenditure on modernisation and site expansion but also to additional right-of-use assets related to procurement leases, which stood at €452.7 million at the end of 2019 (2018: €390.7 million). Right-of-use assets amounted to €325.9 million for land and buildings (2018: €276.4 million) – including two major new leases for the rental of buildings – and €126.8 million for plant & machinery and office furniture & equipment (2018: €114.3 million).
The short-term rental fleet was largely stable in 2019. Rental assets stood at €632.9 million at the end of the year, which was slightly less than at the end of the previous year (2018: €670.5 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases increased to €1,361.2 million (2018: €1,261.8 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases also rose, amounting to €1,080.9 million as at 31 December 2019 (2018: €826.2 million).
The amount of deferred tax assets recognised in the statement of financial position was €449.7 million as at the reporting date (2018: €421.7 million).
Current assets
Overall, there was a moderate increase in current assets to €3,068.8 million (2018: €2,818.2 million). The growth of inventories during the year, predominantly in the Industrial Trucks & Services segment, was mostly scaled back again in the fourth quarter. At the end of the year, the Group’s inventories amounted to €1,085.3 million (2018: €994.8 million). Within this figure, finished goods were up by 16.0 per cent year on year owing to the increase in volume. > TABLE 018
in € million |
2019 |
2018 |
Change |
|---|---|---|---|
Materials and supplies |
276.6 |
284.2 |
–2.7% |
Work in progress |
143.3 |
132.3 |
8.3% |
Finished goods and merchandise |
638.5 |
550.6 |
16.0% |
Advances paid |
26.9 |
27.8 |
–3.3% |
Total inventories |
1,085.3 |
994.8 |
9.1% |
Trade receivables were up slightly at €1,074.2 million (2018: €1,036.4 million). Contract assets mainly related to project business in the Supply Chain Solutions segment and, at €150.2 million, were also higher than at the end of the previous year (2018: €119.3 million).
The KION Group’s net working capital, which comprises inventories, trade receivables and contract assets less trade payables and contract liabilities, rose to €828.9 million at the reporting date (2018: €676.1 million). This was due to the increase in inventories and trade receivables on the back of the larger volume of business and to the incremental fulfilment of customer orders in the project business over their scheduled period. Cash and cash equivalents rose from €175.3 million as at 31 December 2018 to €211.2 million as at 31 December 2019.
Current lease receivables from end customers increased to €340.1 million (2018: €271.2 million).