Net assets
The condensed consolidated statement of financial position as at March 31, 2023 showing current and non-current assets and liabilities together with equity is presented below:
in € million |
Mar. 31, 2023 |
in % |
Dec. 31, 2022 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
11,443.5 |
67.7% |
11,412.6 |
69.0% |
0.3% |
Current assets |
5,460.3 |
32.3% |
5,115.8 |
31.0% |
6.7% |
Total assets |
16,903.9 |
100.0% |
16,528.4 |
100.0% |
2.3% |
Equity |
5,652.3 |
33.4% |
5,607.8 |
33.9% |
0.8% |
Non-current liabilities |
5,916.0 |
35.0% |
6,040.8 |
36.5% |
–2.1% |
Current liabilities |
5,335.6 |
31.6% |
4,879.9 |
29.5% |
9.3% |
Total equity and liabilities |
16,903.9 |
100.0% |
16,528.4 |
100.0% |
2.3% |
Totaling €11,443.5 million, non-current assets as at March 31, 2023 were slightly higher than at the end of 2022 (December 31, 2022: €11,412.6 million). The carrying amount of intangible assets was €5,735.3 million (December 31, 2022: €5,781.6 million). Of this sum, €3,597.2 million was attributable to goodwill (December 31, 2022: €3,619.4 million). The entire decrease of €22.2 million in the carrying amount of goodwill was due to exchange-rate movements. Other property, plant, and equipment rose slightly to €1,594.2 million (December 31, 2022: €1,585.2 million). This included right-of-use assets related to procurement leases, which were up a little compared with the end of the previous year, standing at €552.1 million as at March 31, 2023 (December 31, 2022: €543.5 million). Of this figure, €456.8 million was attributable to land and buildings (December 31, 2022: €445.7 million) and €95.3 million to plant & machinery and office furniture & equipment (December 31, 2022: €97.9 million).
The rental assets from the short-term rental business recognized in the statement of financial position were up slightly at €615.0 million as at the reporting date (December 31, 2022: €602.1 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases stood at €1,371.1 million and so remained at roughly the same level as at the end of the prior year (December 31, 2022: €1,367.7 million). Long-term lease receivables arising from leases with end customers that are classified as finance leases experienced a moderate increase to €1,424.6 million (December 31, 2022: €1,370.5 million).
Current assets rose to a total of €5,460.3 million (December 31, 2022: €5,115.8 million). The ITS segment continued to maintain buffer inventories of raw materials and bought-in components during the reporting quarter, despite the increasing normalization of the supply chain situation, whereas the carrying amount of the work in process held steady at around the same level as at the end of 2022. Total inventories increased to €1,948.6 million as at March 31, 2023 (December 31, 2022: €1,804.6 million), due in part to higher inventories of finished goods as at the reporting date.
Trade receivables amounted to €1,637.9 million, which was slightly higher than at the end of 2022 (December 31, 2022: €1,596.4 million). Contract assets, which are mainly recognized in connection with the project business in the Supply Chain Solutions segment, grew to €597.6 million (December 31, 2022: €528.8 million).
At €1,985.7 million, the KION Group’s net working capital was marginally above the equivalent figure for the end of 2022 (December 31, 2022: €1,979.3 million). The growth of inventories, contract balances, and trade receivables was largely offset by a significant rise in trade payables.
Current lease receivables from end customers increased from €519.8 million as at December 31, 2022 to €538.9 million as at March 31, 2023.
The encouragingly sharp rise in free cash flow in the first quarter of 2023 pushed cash and cash equivalents up to €352.7 million (December 31, 2022: €318.1 million).