Net assets

Totaling €10,896.3 million, non-current assets as at September 30, 2021 were higher than at the end of 2020 (December 31, 2020: €10,666.2 million). The carrying amount of intangible assets rose to €5,665.6 million (December 31, 2020: €5,559.6 million). Of this sum, €3,507.9 million was attributable to goodwill (December 31, 2020: €3,407.6 million), which increased by €91.0 million due to currency effects. 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 €9.2 million. Other property, plant, and equipment rose slightly to €1,340.2 million (December 31, 2020: €1,316.6 million). This included right-of-use assets amounting to €480.8 million in relation to procurement leases (December 31, 2020: €492.5 million).

The rental assets from the short-term rental business recognized in the statement of financial position decreased to €517.8 million as at September 30, 2021 (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 €1,387.4 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 €1,282.5 million (December 31, 2020: €1,199.1 million).

Current assets went up sharply to a total of €4,328.4 million (December 31, 2020: €3,389.4 million). The main reason for this was that growth continued to necessitate an increase in inventories in the third quarter in order to ensure the KION Group’s ability to supply customers. In addition, global bottlenecks affecting suppliers resulted in a rise in work in progress. Inventories stood at a total of €1,496.0 million as at September 30, 2021 (December 31, 2020: €1,101.0 million). Furthermore, trade receivables advanced to €1,362.6 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 €436.4 million (December 31, 2020: €172.1 million). Moreover, current lease receivables from end customers increased to €458.0 million (December 31, 2020: €396.2 million). At €315.0 million, cash and cash equivalents were on a par with the level at the end of 2020 (December 31, 2020: €314.4 million).

The KION Group’s net working capital rose significantly to €1,449.1 million as at September 30, 2021 (December 31, 2020: €984.5 million) in line with the higher volume of orders and revenue growth. The increase in inventories, contract assets, and trade receivables was only partly offset by the rise in trade payables and the slightly elevated level of contract liabilities.