Net assets
Non-current assets rose moderately to €10,354.5 million as at 30 June 2019 (31 December 2018: €10,150.6 million). The total carrying amount of intangible assets was virtually unchanged at €5,721.4 million (31 December 2018: €5,721.6 million). The goodwill included in this figure rose to €3,442.2 million due to currency effects (31 December 2018: €3,424.8 million). Other property, plant and equipment stood at €1,090.1 million (31 December 2018: €1,077.8 million) and included a figure of €391.2 million for right-of-use assets related to procurement leases (31 December 2018: €390.7 million). Right-of-use assets amounted to €271.9 million for land and buildings (31 December 2018: €276.4 million) and €119.2 million for plant & machinery and office furniture & equipment (31 December 2018: €114.3 million).
The short-term rental fleet was stable in the first half of 2019, with rental assets of €653.5 million as at 30 June 2019 (31 December 2018: €670.5 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases increased to €1,298.6 million (31 December 2018: €1,261.8 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases rose to €946.4 million (31 December 2018: €826.2 million).
Overall, current assets advanced to €3,189.5 million (31 December 2018: €2,818.2 million), primarily because of the rise in inventories in the Industrial Trucks & Services segment. Trade receivables increased to €1,100.9 million (31 December 2018: €1,036.4 million). Contract assets mainly related to Dematic’s project business and, at €154.4 million, were also higher than at the end of last year (31 December 2018: €119.3 million).
The rise in the KION Group’s net working capital to €1,058.5 million as at 30 June 2019 (31 December 2018: €676.1 million) was due to the temporary increase in inventories and to customer orders being fulfilled in the project business as scheduled. Cash and cash equivalents advanced from €175.3 million as at 31 December 2018 to €180.2 million as at 30 June 2019. > TABLE 11
(Condensed) statement of financial position |
11 |
||||
in € million |
30/06/2019 |
in % |
31/12/2018 |
in % |
Change |
Non-current assets |
10,354.5 |
76.5% |
10,150.6 |
78.3% |
2.0% |
Current assets |
3,189.5 |
23.5% |
2,818.2 |
21.7% |
13.2% |
Total assets |
13,544.0 |
– |
12,968.8 |
– |
4.4% |
Equity |
3,300.5 |
24.4% |
3,305.1 |
25.5% |
–0.1% |
Non-current liabilities |
6,115.1 |
45.1% |
5,999.1 |
46.3% |
1.9% |
Current liabilities |
4,128.5 |
30.5% |
3,664.6 |
28.3% |
12.7% |
Total equity and liabilities |
13,544.0 |
– |
12,968.8 |
– |
4.4% |