Net assets
Non-current assets totaled €10,808.8 million as at March 31, 2021 (December 31, 2020: €10,666.2 million). The carrying amount of intangible assets rose to €5,669.5 million (December 31, 2020: €5,559.6 million). Of this sum, €3,492.5 million was attributable to goodwill (December 31, 2020: €3,407.6 million); the acquisition of the remaining shares in the German wholesaler and service provider Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG and JETSCHKE GmbH increased goodwill by €7.9 million. Currency effects of €76.9 million also caused goodwill to increase. At €1,322.2 million, other property, plant, and equipment was at roughly the same level as at the end of 2020 (December 31, 2020: €1,316.6 million). This line item included right-of-use assets amounting to €495.1 million in relation to procurement leases (December 31, 2020: €492.5 million).
With rental assets of €528.4 million recognized in the statement of financial position, the short-term rental business was more or less unchanged compared with the end of 2020 (December 31, 2020: €529.6 million). However, leased assets for direct and indirect leases with end customers that are classified as operating leases increased to €1,365.4 million (December 31, 2020: €1,333.3 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases amounted to €1,235.6 million (December 31, 2020: €1,199.1 million).
Current assets increased to a total of €3,880.2 million (December 31, 2020: €3,389.4 million) for two main reasons. Firstly, the KION Group increased its inventories as a precaution – partly in order to maintain its ability to supply customers – and inventories therefore stood at €1,222.8 million as at March 31, 2021 (December 31, 2020: €1,101.0 million). Secondly, trade receivables swelled to €1,258.8 million (December 31, 2020: €1,172.7 million). Contract assets, which mainly related to project business in the Supply Chain Solutions segment, increased to €192.9 million (December 31, 2020: €172.1 million). Cash and cash equivalents rose to €515.1 million (December 31, 2020: €314.4 million). Some of this will be used to repay a variable-rate tranche of the promissory note with a volume of €167.0 million ahead of schedule in April 2021.
The KION Group’s net working capital stood at €886.9 million as at March 31, 2021 (December 31, 2020: €984.5 million). The increase in inventories, trade receivables, and contract assets as at the reporting date was more than offset by the even sharper rise in trade payables and contract liabilities.
Current lease receivables from end customers increased from €396.2 million as at December 31, 2020 to €427.6 million as at March 31, 2021.
in € million |
Mar. 31, 2021 |
in % |
Dec. 31, 2020 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
10,808.8 |
73.6% |
10,666.2 |
75.9% |
1.3% |
Current assets |
3,880.2 |
26.4% |
3,389.4 |
24.1% |
14.5% |
Total assets |
14,689.0 |
100.0% |
14,055.7 |
100.0% |
4.5% |
Equity |
4,667.0 |
31.8% |
4,270.8 |
30.4% |
9.3% |
Non-current liabilities |
5,651.3 |
38.5% |
5,966.6 |
42.4% |
–5.3% |
Current liabilities |
4,370.7 |
29.8% |
3,818.3 |
27.2% |
14.5% |
Total equity and liabilities |
14,689.0 |
100.0% |
14,055.7 |
100.0% |
4.5% |