Net assets
The condensed consolidated statement of financial position as at September 30, 2022 showing current and non-current assets and liabilities together with equity is presented below:
in € million |
Sep. 30, 2022 |
in % |
Dec. 31, 2021 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
11,488.6 |
66.9% |
11,153.0 |
70.4% |
3.0% |
Current assets |
5,689.0 |
33.1% |
4,697.9 |
29.6% |
21.1% |
Total assets |
17,177.6 |
100.0% |
15,850.9 |
100.0% |
8.4% |
Equity |
5,740.7 |
33.4% |
5,168.9 |
32.6% |
11.1% |
Non-current liabilities |
5,955.5 |
34.7% |
5,576.7 |
35.2% |
6.8% |
Current liabilities |
5,481.5 |
31.9% |
5,105.3 |
32.2% |
7.4% |
Total equity and liabilities |
17,177.6 |
100.0% |
15,850.9 |
100.0% |
8.4% |
Totaling €11,488.6 million, non-current assets as at September 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 €6,014.4 million (December 31, 2021: €5,710.7 million). Of this sum, €3,773.0 million was attributable to goodwill (December 31, 2021: €3,544.8 million). The entire increase of €228.3 million in the carrying amount of goodwill was due to exchange-rate movements. Other property, plant, and equipment rose slightly to €1,536.3 million (December 31, 2021: €1,447.5 million). Right-of-use assets related to procurement leases were up moderately compared with the end of the previous year, standing at €533.7 million as at September 30, 2022 (December 31, 2021: €513.6 million). Of this figure, €437.3 million was attributable to land and buildings (December 31, 2021: €401.6 million) and €96.4 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 €572.2 million as at September 30, 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 €1,356.6 million (December 31, 2021: €1,391.5 million). At €1,311.7 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 2021 (December 31, 2021: €1,318.9 million).
Current assets increased to a total of €5,689.0 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 began to be reduced again in the third quarter. This was partly thanks to the countermeasures introduced in the second quarter, which helped to strengthen the supplier network and optimize production processes. Inventories totaled €2,077.0 million as at September 30, 2022 (December 31, 2021: €1,632.1 million).
Trade receivables rose to €1,661.6 million (December 31, 2021: €1,339.2 million) due to volume-related and, in some instances, reporting date-related effects. Contract assets, which mainly related to project business in the Supply Chain Solutions segment, grew to €676.1 million (December 31, 2021: €519.1 million).
The KION Group’s net working capital therefore rose sharply to €2,096.1 million (December 31, 2021: €1,192.0 million). The growth of inventories, contract balances, and trade receivables was partly offset by a less pronounced rise in trade payables.
Current lease receivables from end customers increased from €465.1 million as at December 31, 2021 to €496.1 million as at September 30, 2022.
Cash and cash equivalents stood at €356.6 million, which was lower than at the end of 2021 (December 31, 2021: €483.0 million).
Impairment losses amounting to a total of €32.7 million were recognized on non-current and current assets due to the economic impact of the war in Ukraine.