Net assets
The condensed consolidated statement of financial position as at December 31, 2022 showing current and non-current assets and liabilities together with equity is presented below:
in € million |
Dec. 31, 2022 |
in % |
Dec. 31, 2021 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
11,412.6 |
69.0% |
11,153.0 |
70.4% |
2.3% |
Current assets |
5,115.8 |
31.0% |
4,697.9 |
29.6% |
8.9% |
Total assets |
16,528.4 |
100.0% |
15,850.9 |
100.0% |
4.3% |
Equity |
5,607.8 |
33.9% |
5,168.9 |
32.6% |
8.5% |
Non-current liabilities |
6,040.8 |
36.5% |
5,576.7 |
35.2% |
8.3% |
Current liabilities |
4,879.9 |
29.5% |
5,105.3 |
32.2% |
–4.4% |
Total equity and liabilities |
16,528.4 |
100.0% |
15,850.9 |
100.0% |
4.3% |
Non-current assets
Totaling €11,412.6 million, non-current assets as at December 31, 2022 were slightly lower than at the end of 2021 (December 31, 2021: €11,153.0 million). The carrying amount of intangible assets was €5,781.6 million (December 31, 2021: €5,710.7 million). Of this sum, €3,619.4 million was attributable to goodwill (December 31, 2021: €3,544.8 million). Most of the increase of €74.7 million in the carrying amount of goodwill was due to exchange rate movements. Other property, plant, and equipment rose to €1,585.2 million (December 31, 2021: €1,447.5 million) owing to capital expenditure on modernization and site expansion. Right-of-use assets related to procurement leases were up moderately compared with the end of the previous year, standing at €543.5 million as at December 31, 2022 (December 31, 2021: €513.6 million). Of this figure, €445.7 million was attributable to land and buildings (December 31, 2021: €401.6 million) and €97.9 million to plant & machinery and office furniture & equipment (December 31, 2021: €112.0 million).
The rental assets from the short-term rental business recognized in the statement of financial position came to €602.1 million as at December 31, 2022 (December 31, 2021: €542.8 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases declined slightly to €1,367.7 million (December 31, 2021: €1,391.5 million). At €1,370.5 million, long-term lease receivables arising from leases with end customers that are classified as finance leases were a little higher than at the end of 2021 (December 31, 2021: €1,318.9 million).
The amount of deferred tax assets recognized in the statement of financial position decreased to €300.8 million as at December 31, 2022 (December 31, 2021: €449.3 million). This can primarily be explained by higher discount rates affecting defined benefit obligations.
Current assets
Current assets increased to a total of €5,115.8 million (December 31, 2021: €4,697.9 million). The ongoing supply chain disruptions and the resulting limited availability of bought-in parts led to a significant increase in inventories of unfinished trucks in the Industrial Trucks & Services segment, although the level was reduced again in the second half of the year. This was partly thanks to the countermeasures introduced in the second quarter, which helped to strengthen the supplier network and optimize production processes. In addition, the KION Group increased its stocks of materials and supplies during the year in order to maintain its ability to deliver to customers. As at the end of 2022, inventories totaled €1,804.6 million (December 31, 2021: €1,632.1 million).
in € million |
Dec. 31, 2022 |
Dec. 31, 2021 |
Change |
|---|---|---|---|
Materials and supplies |
512.2 |
442.0 |
15.9% |
Work in progress |
340.1 |
363.2 |
–6.4% |
Finished goods and merchandise |
890.3 |
761.6 |
16.9% |
Advances paid |
62.0 |
65.2 |
–4.9% |
Total inventories |
1,804.6 |
1,632.1 |
10.6% |
Trade receivables rose to €1,596.4 million (December 31, 2021: €1,339.2 million), predominantly due to the larger volume of business. Contract assets, which largely related to project business in the Supply Chain Solutions segment, grew to €528.8 million (December 31, 2021: €519.1 million).
The KION Group’s net working capital therefore rose sharply to €1,979.3 million (December 31, 2021: €1,192.0 million). This was due to the growth of inventories, trade receivables and, in particular, the much lower level of trade payables at the end of the year.
Current lease receivables from end customers increased from €465.1 million as at December 31, 2021 to €519.8 million as at December 31, 2022.
Cash and cash equivalents stood at €318.1 million, which was lower than at the end of 2021 (December 31, 2021: €483.0 million).
In connection with the planned sale of the Industrial Trucks & Services segment’s business in Russia, assets classified as held for sale have been recognized in an amount of €27.4 million (December 31, 2021: €0.0 million) and mainly consist of cash and cash equivalents, inventories, leased assets, and rental assets.