Basis of presentation
General information on the Company
KION GROUP AG, whose registered office is at Thea-Rasche-Strasse 8, 60549 Frankfurt am Main, Germany, is registered at the Frankfurt am Main local court under reference HRB 112163.
The condensed consolidated interim financial statements and the interim group management report of KION GROUP AG and its subsidiaries (‘KION Group’) were prepared and approved for publication by the Executive Board of KION GROUP AG on July 30, 2024.
Basis of preparation
The condensed consolidated interim financial statements of the KION Group for the six months ended June 30, 2024 have been prepared in line with International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’ and other International Financial Reporting Standards (IFRSs) as adopted by the European Union in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council concerning the application of international accounting standards for interim financial statements.
All of the IFRSs and the related interpretations (IFRICs/SICs) of the IFRS Interpretations Committee (IFRS IC) that had been issued by the reporting date and were required to be applied have been applied in preparing these condensed consolidated interim financial statements. The application of financial reporting standards that became mandatory for the first time in 2024 had no significant effect on the presentation of the financial position and financial performance of the KION Group. However, a disclosure adjustment was carried out as a result of the retrospective adoption of ‘Classification of Liabilities as Current or Non-current’ (Amendments to IAS 1). In accordance with the transitional provisions, current liabilities to banks, which are recognized within financial liabilities, were reduced by €21.0 million as at December 31, 2023 and non-current liabilities to banks were increased by the same amount. These condensed consolidated interim financial statements do not contain all the information and disclosures required of a set of consolidated annual financial statements and should therefore be read in conjunction with the consolidated financial statements prepared for the year ended December 31, 2023.
The reporting currency is the euro. All amounts are disclosed in millions of euros (€ million) unless stated otherwise. Due to rounding effects, addition of the individual amounts shown may result in minor rounding differences to the totals. The percentages shown are calculated on the basis of the respective amounts, rounded to the nearest thousand euros.
Basis of consolidation
A total of 25 German (December 31, 2023: 25) and 105 foreign (December 31, 2023: 107) subsidiaries were fully consolidated in addition to KION GROUP AG as at June 30, 2024.
In addition, eight associates (December 31, 2023: eight) and three joint ventures (December 31, 2023: three) were consolidated and accounted for using the equity method.
As at June 30, 2024, 49 (December 31, 2023: 47) companies were recognized at amortized cost or at fair value through other comprehensive income.
Accounting policies
These condensed consolidated interim financial statements are based on the interim financial statements of the parent company KION GROUP AG and its consolidated subsidiaries prepared in accordance with the standard accounting policies applicable throughout the KION Group. The material judgments and sources of estimation uncertainty in these condensed consolidated interim financial statements are unchanged compared with December 31, 2023. With the exception of the initial application of ‘Classification of Liabilities as Current or Non-current’ (Amendments to IAS 1), the accounting policies are also the same as those used in 2023.