Net assets
The condensed consolidated statement of financial position as at June 30, 2022 showing current and non-current assets and liabilities together with equity is presented below:
in € million |
Jun. 30, 2022 |
in % |
Dec. 31, 2021 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
11,284.8 |
67.1% |
11,153.0 |
70.4% |
1.2% |
Current assets |
5,540.8 |
32.9% |
4,697.9 |
29.6% |
17.9% |
Total assets |
16,825.6 |
100.0% |
15,850.9 |
100.0% |
6.1% |
Equity |
5,614.9 |
33.4% |
5,168.9 |
32.6% |
8.6% |
Non-current liabilities |
5,811.2 |
34.5% |
5,576.7 |
35.2% |
4.2% |
Current liabilities |
5,399.4 |
32.1% |
5,105.3 |
32.2% |
5.8% |
Total equity and liabilities |
16,825.6 |
100.0% |
15,850.9 |
100.0% |
6.1% |
Totaling €11,284.8 million, non-current assets as at June 30, 2022 were slightly higher than at the end of 2021 (December 31, 2021: €11,153.0 million). The carrying amount of intangible assets was €5,872.7 million (December 31, 2021: €5,710.7 million). Of this sum, €3,671.0 million was attributable to goodwill (December 31, 2021: €3,544.8 million). The entire increase of €126.2 million was due to exchange-rate movements. Other property, plant, and equipment rose slightly to €1,504.5 million (December 31, 2021: €1,447.5 million). Right-of-use assets related to procurement leases were up by a modest amount compared with the end of the previous year, standing at €518.1 million as at June 30, 2022 (December 31, 2021: €513.6 million). Of this figure, €419.2 million was attributable to land and buildings (December 31, 2021: €401.6 million) and €98.8 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 €557.0 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 slightly to €1,375.4 million (December 31, 2021: €1,391.5 million). At €1,317.0 million, long-term lease receivables arising from leases with end customers that are classified as finance leases were on a par with the end of last year (December 31, 2021: €1,318.9 million).
Current assets increased to a total of €5,540.8 million (December 31, 2021: €4,697.9 million). This was mainly because of ongoing disruption in supply chains, which prompted the KION Group to further increase its stocks of materials and supplies in order to maintain its ability to deliver to customers. Inventories were further inflated by trucks that remained unfinished due to bought-in parts not being available. However, the increase in unfinished trucks was contained to a large extent in the second quarter thanks to the countermeasures implemented at an early stage, which included the adjustment of production processes and the further strengthening and expansion of the supplier network. Inventories totaled €2,012.4 million as at June 30, 2022 (December 31, 2021: €1,632.1 million).
Trade receivables rose to €1,590.5 million (December 31, 2021: €1,339.2 million) due to the larger volume of business. Contract assets, which mainly related to project business in the Supply Chain Solutions segment, grew to €723.8 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 €1,822.1 million as at June 30, 2022 (December 31, 2021: €1,192.0 million). The growth of inventories, contract assets, and trade receivables was partly offset by a less pronounced rise in trade payables and contract liabilities.
Current lease receivables from end customers increased from €465.1 million as at December 31, 2021 to €484.8 million as at June 30, 2022.
Cash and cash equivalents stood at €379.5 million, which was lower than at the end of 2021 (December 31, 2021: €483.0 million).
Impairment losses amounting to a total of €29.6 million were recognized on non-current and current assets due to the economic impact of the war in Ukraine.