Net assets
The condensed consolidated statement of financial position as at December 31, 2021 showing current and non-current assets and liabilities together with equity is presented below:
in € million |
Dec. 31, 2021 |
in % |
Dec. 31, 2020 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
11,153.0 |
70.4% |
10,666.2 |
75.9% |
4.6% |
Current assets |
4,697.9 |
29.6% |
3,389.4 |
24.1% |
38.6% |
Total assets |
15,850.9 |
100.0% |
14,055.7 |
100.0% |
12.8% |
Equity |
5,168.9 |
32.6% |
4,270.8 |
30.4% |
21.0% |
Non-current liabilities |
5,576.7 |
35.2% |
5,966.6 |
42.4% |
–6.5% |
Current liabilities |
5,105.3 |
32.2% |
3,818.3 |
27.2% |
33.7% |
Total equity and liabilities |
15,850.9 |
100.0% |
14,055.7 |
100.0% |
12.8% |
Non-current assets
Totaling €11,153.0 million, non-current assets as at December 31, 2021 were higher than at the end of 2020 (December 31, 2020: €10,666.2 million). The carrying amount of intangible assets rose to €5,710.7 million (December 31, 2020: €5,559.6 million). Of this sum, €3,544.8 million was attributable to goodwill (December 31, 2020: €3,407.6 million). Exchange rate movements accounted for €130.0 million of this increase. In addition, the acquisition of the remaining shares in German wholesaler and service provider Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG and JETSCHKE GmbH resulted in goodwill of €7.1 million. Other property, plant, and equipment rose to €1,447.5 million (December 31, 2020: €1,316.6 million), primarily due to increased capital expenditure on modernization and site expansion. Right-of-use assets related to procurement leases were up moderately year on year, standing at €513.6 million as at the end of 2021 (December 31, 2020: €492.5 million). Of this figure, €401.6 million was attributable to land and buildings (December 31, 2020: €375.0 million) and €112.0 million to plant & machinery and office furniture & equipment (December 31, 2020: €117.5 million).
The rental assets from the short-term rental business recognized in the statement of financial position came to €542.8 million as at the reporting date (December 31, 2020: €529.6 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases increased to €1,391.5 million (December 31, 2020: €1,333.3 million). Similarly, long-term lease receivables arising from leases with end customers that are classified as finance leases rose to €1,318.9 million (December 31, 2020: €1,199.1 million) due to higher unit sales of industrial trucks.
The amount of deferred tax assets recognized in the statement of financial position decreased to €449.3 million as at December 31, 2021 (December 31, 2020: €494.9 million). This can primarily be explained by changed discount rates and plan adjustments affecting defined benefit obligations.
Current assets
Current assets went up sharply to a total of €4,697.9 million (December 31, 2020: €3,389.4 million). This was because the growth in business necessitated an increase in inventories in order to ensure the KION Group’s ability to supply customers. Moreover, the global supply bottlenecks affecting suppliers led to a significant rise in work in progress. As at the end of 2021, inventories totaled €1,632.1 million (December 31, 2020: €1,101.0 million).
in € million |
Dec. 31, 2021 |
Dec. 31, 2020 |
Change |
|---|---|---|---|
Materials and supplies |
442.0 |
280.5 |
57.6% |
Work in progress |
363.2 |
162.2 |
> 100% |
Finished goods and merchandise |
761.6 |
618.7 |
23.1% |
Advances paid |
65.2 |
39.5 |
65.3% |
Total inventories |
1,632.1 |
1,101.0 |
48.2% |
Furthermore, trade receivables rose to €1,339.2 million (December 31, 2020: €1,172.7 million). Contract assets, which mainly related to project business in the Supply Chain Solutions segment, were also up sharply, amounting to €519.1 million (December 31, 2020: €172.1 million).
The KION Group’s net working capital jumped to €1,192.0 million as at December 31, 2021 (December 31, 2020: €984.5 million) owing to the good level of orders on hand and the ongoing global supply bottlenecks. The sharp rise in inventories, contract assets, and trade receivables was only partly offset by an increase in trade payables and contract liabilities.
Current lease receivables from end customers increased from €396.2 million as at December 31, 2020 to €465.1 million as at December 31, 2021.
There was a sharp rise in cash and cash equivalents to €483.0 million (December 31, 2020: €314.4 million), reflecting the improvement in free cash flow.