Net assets
Non-current assets amounted to €10,638.5 million as at September 30, 2020 (December 31, 2019: €10,696.4 million). The total carrying amount of intangible assets fell slightly to €5,655.5 million (December 31, 2019: €5,732.5 million). Of this sum, €3,453.5 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 slightly to €1,290.8 million (December 31, 2019: €1,236.3 million) and included a figure of €492.7 million for right-of-use assets related to procurement leases (December 31, 2019: €452.7 million).
The short-term rental fleet contracted in the reporting period; rental assets stood at €540.8 million as at September 30, 2020, which was less than at the end of the previous year (December 31, 2019: €632.9 million). At the same time, leased assets for direct and indirect leases with end customers that are classified as operating leases decreased to €1,315.9 million (December 31, 2019: €1,361.2 million). By contrast, long-term lease receivables arising from leases with end customers that are classified as finance leases swelled to €1,145.6 million (December 31, 2019: €1,080.9 million).
Current assets increased to a total of €3,546.7 million (December 31, 2019: €3,068.8 million). One of the reasons for this was the increase in inventories, which was aimed at creating a buffer of bought-in parts in order to maintain the availability of materials for production. The Group’s inventories stood at €1,191.7 million as at September 30, 2020 (December 31, 2019: €1,085.3 million). Trade receivables amounted to €1,093.0 million, which was also 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 €206.5 million (December 31, 2019: €150.2 million). Cash and cash equivalents had risen to €429.0 million at the end of the reporting period (December 31, 2019: €211.2 million).
The KION Group’s net working capital, which comprises inventories, trade receivables, and contract assets less trade payables and contract liabilities, amounted to €1,099.7 million as at September 30, 2020 (December 31, 2019: €828.9 million).
in € million |
Sep 30, 2020 |
in % |
Dec 31, 2019 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
10,638.5 |
75.0% |
10,696.4 |
77.7% |
–0.5% |
Current assets |
3,546.7 |
25.0% |
3,068.8 |
22.3% |
15.6% |
Total assets |
14,185.1 |
100.0% |
13,765.2 |
100.0% |
3.1% |
Equity |
3,472.3 |
24.5% |
3,558.4 |
25.9% |
–2.4% |
Non-current liabilities |
6,191.9 |
43.7% |
6,277.8 |
45.6% |
–1.4% |
Current liabilities |
4,521.0 |
31.9% |
3,929.0 |
28.5% |
15.1% |
Total equity and liabilities |
14,185.1 |
100.0% |
13,765.2 |
100.0% |
3.1% |