[27] Assets held for sale

In October 2022, the Executive Board of KION GROUP AG decided to withdraw from all business in Russia. Contract negotiations with potential buyers are currently taking place in respect of the two subsidiaries OOO ‘Linde Material Handling Rus’ and OOO ‘STILL Forklifttrucks’ in the Industrial Trucks & Services segment, together referred to below as a disposal group. The shares are expected to be sold in 2023.

Impairment losses of €29.4 million were recognized in 2022, primarily on the leased assets, rental assets, inventories, and trade receivables of the Russian subsidiaries.

The disposal group was measured at fair value less costs to sell, taking account of information from the ongoing contract negotiations. It was classified as Level 2 of the fair value hierarchy. As at December 31, 2022, the disposal group contained the following assets and liabilities:

Assets and liabilities of the disposal group

in € million

Dec. 31, 2022

Dec. 31, 2021

Leased assets

1.5

–

Rental assets

2.2

–

Inventories

5.0

–

Cash and cash equivalents¹

14.1

–

Other assets

4.6

–

Assets held for sale

27.4

–

Liabilities from lease business

9.0

–

Liabilities from short-term rental business

8.1

–

Contract liabilities

5.9

–

Other liabilities

4.2

–

Liabilities directly associated with assets held for sale

27.2

–

1	Cash and cash equivalents were classified as restricted cash due to the international sanctions against Russia and the associated restrictions on payment transactions

A cumulative translation adjustment of minus €2.2 million for the disposal group was included in accumulated other comprehensive income (loss).