Net assets

Totaling €10,820.3 million, non-current assets as at June 30, 2021 were higher than at the end of 2020 (December 30, 2020: €10,666.2 million). The carrying amount of intangible assets rose moderately to €5,628.0 million (December 31, 2020: €5,559.6 million). Of this sum, €3,474.3 million was attributable to goodwill (December 31, 2020: €3,407.6 million), which rose by €58.3 million due to currency effects. 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 a total of €8.4 million. At €1,329.3 million, other property, plant, and equipment was higher than at the end of 2020 (December 31, 2020: €1,316.6 million). This included right-of-use assets amounting to €489.1 million in relation to procurement leases (December 31, 2020: €492.5 million).

With rental assets of €520.2 million recognized in the statement of financial position, the short-term rental business was more or less at the same level as at the end of 2020 (December 30, 2020: €529.6 million). However, leased assets for direct and indirect leases with end customers that are classified as operating leases increased to €1,376.3 million (December 31, 2020: €1,333.3 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases swelled to €1,271.2 million (December 31, 2020: €1,199.1 million).

Current assets increased significantly to a total of €3,948.9 million (December 31, 2020: €3,389.4 million) for two reasons. Firstly, growth necessitated an increase in inventories in order to ensure the KION Group’s ability to supply customers. The Group’s inventories stood at €1,338.4 million as at June 30, 2021 (December 31, 2020: €1,101.0 million). Secondly, trade receivables rose to €1,233.2 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, to €330.6 million (December 31, 2020: €172.1 million). At €313.8 million, cash and cash equivalents remained at roughly the same level as at December 31, 2020 (€314.4 million) despite the dividend paid to the shareholders of KION GROUP AG in May 2021 and the repayment of financial liabilities, reflecting the increase in free cash flow.

The KION Group’s net working capital amounted to €1,056.2 million as at June 30, 2021 (December 31, 2020: €984.5 million). The increase in inventories, trade receivables, and contract assets was only partly offset by the rise in trade payables and contract liabilities.

Current lease receivables from end customers increased from €396.2 million as at December 31, 2020 to €443.1 million as at June 30, 2021.