Net assets
The condensed consolidated statement of financial position as at March 31, 2024 showing non-current and current assets and liabilities together with equity is presented below:
in € million |
Mar. 31, 2024 |
in % |
Dec. 31, 2023 |
in % |
Change |
|---|---|---|---|---|---|
Non-current assets |
12,370.5 |
69.8% |
12,165.1 |
70.0% |
205.4 |
Current assets |
5,352.1 |
30.2% |
5,223.3 |
30.0% |
128.8 |
Total assets |
17,722.6 |
100.0% |
17,388.4 |
100.0% |
334.1 |
Equity |
5,945.7 |
33.5% |
5,772.7 |
33.2% |
173.0 |
Non-current liabilities |
6,759.8 |
38.1% |
6,642.9 |
38.2% |
117.0 |
Current liabilities |
5,017.0 |
28.3% |
4,972.8 |
28.6% |
44.2 |
Total equity and liabilities |
17,722.6 |
100.0% |
17,388.4 |
100.0% |
334.1 |
Non-current assets totaled €12,370.5 million as at March 31, 2024 (December 31, 2023: €12,165.1 million). The carrying amount of intangible assets was €5,708.0 million (December 31, 2023: €5,665.0 million). Of this sum, €3,594.8 million was attributable to goodwill (December 31, 2023: €3,558.0 million). The increase in the carrying amount of goodwill compared with the end of 2023 resulted from exchange-rate movements. Other property, plant and equipment amounted to €1,787.8 million (December 31, 2023: €1,749.9 million). This included right-of-use assets amounting to €619.1 million in relation to procurement leases (December 31, 2023: €589.2 million). Of this figure, €489.1 million was attributable to land and buildings (December 31, 2023: €470.7 million) and €130.0 million to plant & machinery and office furniture & equipment (December 31, 2023: €118.5 million).
The rental assets of €747.4 million recognized for the short-term rental business in the statement of financial position were more or less unchanged compared with the end of 2023 (December 31, 2023: €737.8 million). At €1,495.1 million, leased assets for direct and indirect leases with end customers that are classified as operating leases were also only slightly above the figure for the end of 2023 (December 31, 2023: €1,454.9 million). As a result of the growth in new business, non-current lease receivables arising from leases with end customers that are classified as finance leases increased to €1,783.7 million (December 31, 2023: €1,701.9 million).
Current assets rose to a total of €5,352.1 million as at March 31, 2024 (December 31, 2023: €5,223.3 million). This was mainly because inventories were higher overall, at €1,952.7 million (December 31, 2023: €1,817.1 million), as a result of the increase in work in progress and finished goods over the course of the reporting period. In addition, trade receivables rose slightly to €1,792.0 million (December 31, 2023: €1,755.8 million), whereas contract assets, which are mainly recognized in connection with the project business in the Supply Chain Solutions segment, amounted to €389.8 million, which was slightly below the level at the end of 2023 (December 31, 2023: €403.3 million).
The KION Group’s net working capital was essentially unchanged at €2,009.0 million as at March 31, 2024 (December 31, 2023: €2,009.0 million). The increase in inventories and trade receivables was largely offset by a rise in trade liabilities.
Current lease receivables from end customers rose to €638.0 million as at March 31, 2024 as a result of new business growth (December 31, 2023: €612.5 million).
Cash and cash equivalents decreased to €251.4 million as at March 31, 2024 (December 31, 2023: €311.8 million).