Net assets
The condensed consolidated statement of financial position as at December 31, 2020 showing current and non-current assets and liabilities together with equity is presented below:
in € million |
Dec. 31, 2020 |
in % |
Dec. 31, 2019 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
10,666.2 |
75.9% |
10,696.4 |
77.7% |
–0.3% |
Current assets |
3,389.4 |
24.1% |
3,068.8 |
22.3% |
10.4% |
Total assets |
14,055.7 |
100.0% |
13,765.2 |
100.0% |
2.1% |
Equity |
4,270.8 |
30.4% |
3,558.4 |
25.9% |
20.0% |
Non-current liabilities |
5,966.6 |
42.4% |
6,277.8 |
45.6% |
–5.0% |
Current liabilities |
3,818.3 |
27.2% |
3,929.0 |
28.5% |
–2.8% |
Total equity and liabilities |
14,055.7 |
100.0% |
13,765.2 |
100.0% |
2.1% |
Non-current assets
Non-current assets amounted to €10,666.2 million as at December 31, 2020 (December 31, 2019: €10,696.4 million). The total carrying amount of intangible assets fell moderately to €5,559.6 million (December 31, 2019: €5,732.5 million). Of this sum, €3,407.6 million was attributable to goodwill (December 31, 2019: €3,475.8 million); the acquisition of DAI increased goodwill by €71.8 million at the acquisition date. However, currency effects had a negative impact on goodwill. Other property, plant, and equipment rose to €1,316.6 million (December 31, 2019: €1,236.3 million). This was due not only to slightly higher capital expenditure on modernization and site expansion but also to additional right-of-use assets related to procurement leases, which stood at €492.5 million at the end of 2020 (December 31, 2019: €452.7 million). Right-of-use assets amounted to €375.0 million for land and buildings (December 31, 2019: €325.9 million) and €117.5 million for plant & machinery and office furniture & equipment (December 31, 2019: €126.8 million).
The short-term rental fleet contracted in the reporting year; rental assets stood at €529.6 million at the end of 2020 (December 31, 2019: €632.9 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases decreased only slightly to €1,333.3 million (December 31, 2019: €1,361.2 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases swelled by €118.1 million to €1,199.1 million as at the reporting date (December 31, 2019: €1,080.9 million).
The amount of deferred tax assets recognized in the statement of financial position increased to €494.9 million as at December 31, 2020 (December 31, 2019: €449.7 million).
Current assets
Current assets increased to a total of €3,389.4 million (December 31, 2019: €3,068.8 million). The growth of inventories during the year was largely eliminated again by the reporting date due to the stabilization of supply chains and the overall decrease in the volume of orders in the Industrial Trucks & Services segment. Nonetheless, the KION Group continues to maintain the necessary buffer of bought-in parts. At the end of 2020, the Group’s inventories amounted to €1,101.0 million, which was on a par with the figure a year earlier (December 31, 2019: €1,085.3 million).
in € million |
Dec. 31, 2020 |
Dec. 31, 2019 |
Change |
|---|---|---|---|
Materials and supplies |
280.5 |
276.6 |
1.4% |
Work in progress |
162.2 |
143.3 |
13.2% |
Finished goods and merchandise |
618.7 |
638.5 |
–3.1% |
Advances paid |
39.5 |
26.9 |
46.9% |
Total inventories |
1,101.0 |
1,085.3 |
1.4% |
Trade receivables amounted to €1,172.7 million, which was higher than at the end of 2019 (December 31, 2019: €1,074.2 million). Contract assets, which mainly related to project business in the Supply Chain Solutions segment, increased to €172.1 million (December 31, 2019: €150.2 million).
The KION Group’s net working capital rose to €984.5 million as at December 31, 2020 (December 31, 2019: €828.9 million). This was attributable to the increases in trade receivables, contract assets, and inventories as at the reporting date and, on the other side of the statement of financial position, a rise in contract liabilities. Using excess cash that became available at short notice, the early repayment of trade payables was stepped up at the end of the year in order to avoid negative interest rates on cash deposits.
Cash and cash equivalents rose from €211.2 million at the end of 2019 to €314.4 million at the end of the reporting year.
Current lease receivables from end customers increased to €396.2 million (December 31, 2019: €340.1 million).