Basis of presentation

General information on the Company

KION GROUP AG, whose registered office is at Thea-Rasche-Strasse 8, 60549 Frankfurt am Main, Germany, is registered at the Frankfurt am Main local court under reference HRB 112163.

The condensed consolidated interim financial statements and the interim group management report were prepared by the Executive Board of KION GROUP AG on July 28, 2021.

Basis of preparation

The condensed consolidated interim financial statements of the KION Group for the six months ended June 30, 2021 have been prepared in line with International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’ and other International Financial Reporting Standards (IFRSs) as adopted by the European Union in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council concerning the application of international accounting standards for interim financial statements. A condensed scope of interim reporting has been prepared in accordance with IAS 34.

All of the IFRSs and the related interpretations (IFRICs / SICs) of the IFRS Interpretations Committee (IFRS IC) that had been issued by the reporting date and that were required to be applied for financial years commencing on or after January 1, 2021 have been applied in preparing these condensed consolidated interim financial statements. These condensed consolidated interim financial statements do not contain all the information and disclosures required of a set of consolidated annual financial statements and should therefore be read in conjunction with the consolidated financial statements prepared for the year ended December 31, 2020.

The reporting currency is the euro. All amounts are disclosed in millions of euros (€ million) unless stated otherwise. Due to rounding effects, addition of the individual amounts shown may result in minor rounding differences to the totals. The percentages shown are calculated on the basis of the respective amounts, rounded to the nearest thousand euros.

Basis of consolidation

A total of 27 German (December 31, 2020: 26) and 105 foreign (December 31, 2020: 110) subsidiaries were fully consolidated in addition to KION GROUP AG as at June 30, 2021.

In addition, seven associates (December 31, 2020: eight) and three joint ventures (December 31, 2020: two) were consolidated and accounted for using the equity method.

As at June 30, 2021, 56 (December 31, 2020: 51) companies were recognized at amortized cost or at fair value through other comprehensive income.


Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG

On February 1, 2021, the remaining 79.0 percent of the shares in the German dealer Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG and in the general partner JETSCHKE GmbH, both headquartered in Hamburg, were acquired. The other 21.0 percent of the share capital and voting rights in Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG and JETSCHKE GmbH were already held by Linde Material Handling GmbH and accounted for as an associate prior to the acquisition of the shares on February 1, 2021. The purchase consideration for the net assets acquired was €13.9 million. By acquiring Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG, the KION Group has strengthened Linde Material Handling’s dealer network. The company is a wholesaler and service provider that specializes in intralogistics equipment, electric and diesel trucks, warehouse trucks, container handlers, heavy-goods handlers, sideloaders, and sweepers.

The equity-accounted carrying amount of the investment in Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG, Hamburg, immediately prior to the acquisition date came to €1.2 million. Remeasurement of the investment of 21.0 percent previously held resulted in a fair value of €3.7 million. The difference of €2.5 million was taken to income and recognized under the share of profit (loss) of equity-accounted investments in the consolidated income statement.

The impact of this acquisition on the consolidated financial statements of KION GROUP AG based on the provisional figures available at the acquisition date is shown in the following table.

Impact of the acquisition of the Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG

in € million

Fair value at the acquisition date



Customer relationships


Other intangible assets


Rental / Leased assets


Lease receivables


Trade receivables


Other assets


Total assets




Financial liabilities


Liabilities from lease business


Liabilities from short-term rental business


Other liabilities


Total liabilities




Total net assets




Cash payment


Consideration transferred


Previously held share of equity (21.0 per cent in Hans Joachim Jetschke Industriefahrzeuge (GmbH & Co.) KG, Hamburg)




In the first six months of 2021, consolidated revenue rose by €29.1 million and net income for the period by €0.4 million as a result of the acquisition.

If this business combination had been in place since January 1, 2021, this would have had no other material impact on either the revenue or the net income (loss) reported by the KION Group for the first six months of this year.

The purchase price allocation for the acquisition described above was only provisional as at June 30, 2021 because some details, particularly in the area of leases and short-term rentals, had not yet been fully evaluated. Consequently, the recognition and measurement of rental / leased assets, lease receivables, liabilities from the leasing business, liabilities from the short-term rental business, and deferred taxes should be considered provisional.

The line item ‘Acquisition of subsidiaries / other businesses (net of cash acquired)’ in the consolidated statement of cash flows contains a net cash outflow of €11.9 million for the acquisition of Jetschke. An advance payment of €2.0 million had already been made in December 2020.

Accounting policies

These condensed consolidated interim financial statements are based on the interim financial statements of the parent company KION GROUP AG and its consolidated subsidiaries prepared in accordance with the standard accounting policies applicable throughout the KION Group. The accounting policies used in these condensed consolidated interim financial statements, as well as the assumptions, are the same as those used for the year ended December 31, 2020.