Net assets
The condensed consolidated statement of financial position as at March 31, 2022 showing current and non-current assets and liabilities together with equity is presented below:
in € million |
Mar. 31, 2022 |
in % |
Dec. 31, 2021 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
11,221.2 |
68.6% |
11,153.0 |
70.4% |
0.6% |
Current assets |
5,127.4 |
31.4% |
4,697.9 |
29.6% |
9.1% |
Total assets |
16,348.7 |
100.0% |
15,850.9 |
100.0% |
3.1% |
Equity |
5,473.5 |
33.5% |
5,168.9 |
32.6% |
5.9% |
Non-current liabilities |
5,363.4 |
32.8% |
5,576.7 |
35.2% |
–3.8% |
Current liabilities |
5,511.7 |
33.7% |
5,105.3 |
32.2% |
8.0% |
Total equity and liabilities |
16,348.7 |
100.0% |
15,850.9 |
100.0% |
3.1% |
Totaling €11,221.2 million, non-current assets as at March 31, 2022 were only slightly higher than at the end of 2021 (December 31, 2021: €11,153.0 million). The carrying amount of intangible assets was €5,768.0 million (December 31, 2021: €5,710.7 million). Of this sum, €3,596.2 million was attributable to goodwill (December 31, 2021: €3,544.8 million). The entire increase of €51.5 million was due to exchange-rate movements. Other property, plant, and equipment rose slightly to €1,476.0 million (December 31, 2021: €1,447.5 million). Right-of-use assets related to procurement leases were down only moderately compared with the end of the previous year, standing at €511.5 million as at March 31, 2022 (December 31, 2021: €513.6 million). Of this figure, €404.3 million was attributable to land and buildings (December 31, 2021: €401.6 million) and €107.2 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 €543.4 million as at the reporting date (December 31, 2021: €542.8 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases declined marginally to €1,385.1 million (December 31, 2021: €1,391.5 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases rose to €1,327.5 million (December 31, 2021: €1,318.9 million) due to higher unit sales of industrial trucks.
Current assets increased to a total of €5,127.4 million (December 31, 2021: €4,697.9 million). This was mainly because of ongoing global supply bottlenecks, which led to a further rise in work in progress. Moreover, the KION Group increased its stocks of materials and supplies compared with the end of 2021 in order to maintain its ability to deliver to customers. Inventories totaled €1,890.8 million as at March 31, 2022 (December 31, 2021: €1,632.1 million), a further rise of 15.9 percent.
Trade receivables rose to €1,514.2 million (December 31, 2021: €1,339.2 million). Contract assets, which mainly related to project business in the Supply Chain Solutions segment, grew to €558.7 million (December 31, 2021: €519.1 million).
The KION Group’s net working capital rose sharply again compared with the end of 2021, primarily due to the global supply bottlenecks, and stood at €1,631.0 million as at March 31, 2022 (December 31, 2021: €1,192.0 million). The growth of inventories, contract assets, and trade receivables was partly offset by a moderate increase in trade payables; contract liabilities were down slightly compared with the end of 2021.
Current lease receivables from end customers amounted to €477.1 million as at the end of the quarter (December 31, 2021: €465.1 million).
Cash and cash equivalents declined to €383.6 million (December 31, 2021: €483.0 million).
Impairment losses amounting to a total of €28.6 million were recognized on non-current and current assets due to the economic impact of the war in Ukraine.