[27] Assets held for sale

In October 2022, the Executive Board of KION GROUP AG decided to withdraw from all business in Russia. An agreement with a buyer has been reached for the two subsidiaries OOO ‘Linde Material Handling Rus’ and OOO ‘STILL Forklifttrucks’ in the Industrial Trucks & Services segment, although completion of the transactions is still subject to approval by the authorities. Provided they have been approved by the authorities, the transactions are expected to be completed in 2024.

The assets and liabilities held for sale also relate to the Norwegian subsidiary STILL Norge AS, which is for sale, and the Finnish subsidiary of STILL Sverige AB, which are both assigned to the Industrial Trucks & Services segment. Both sale transactions have already been signed and are expected to be implemented in the first half of 2024.

Impairment losses of €7.3 million were recognized in 2023, primarily on the leased assets and rental assets of the disposal groups (2022: €29.4 million).

The disposal groups were measured at fair value less costs to sell, on the basis of the agreed purchase prices. They were classified as Level 2 of the fair value hierarchy. As at December 31, 2023, the disposal groups contained the following assets and liabilities:

A cumulative translation adjustment of minus €2.0 million (2022: minus €2.2 million) for the disposal groups was included in accumulated other comprehensive income (loss).