Net assets of the KION Group
The condensed consolidated statement of financial position as at September 30, 2024 showing non-current and current assets and liabilities together with equity is presented below:
in € million |
Sep. 30, 2024 |
in % |
Dec. 31, 2023 |
in % |
Change |
||
|---|---|---|---|---|---|---|---|
Non-current assets |
12,616.7 |
70.2% |
12,165.1 |
70.0% |
451.6 |
||
Current assets |
5,344.3 |
29.8% |
5,223.3 |
30.0% |
120.9 |
||
Total assets |
17,960.9 |
100.0% |
17,388.4 |
100.0% |
572.5 |
||
Equity |
5,924.9 |
33.0% |
5,772.7 |
33.2% |
152.2 |
||
Non-current liabilities1 |
6,459.2 |
36.0% |
6,663.9 |
38.3% |
–204.7 |
||
Current liabilities1 |
5,576.9 |
31.1% |
4,951.8 |
28.5% |
625.0 |
||
Total equity and liabilities |
17,960.9 |
100.0% |
17,388.4 |
100.0% |
572.5 |
||
|
|||||||
Totaling €12,616.7 million as at September 30, 2024, non-current assets were higher than at the end of 2023 (December 31, 2023: €12,165.1 million). The carrying amount of intangible assets was €5,622.6 million (December 31, 2023: €5,665.0 million). The total carrying amount of the goodwill included in this figure fell to €3,531.8 million (December 31, 2023: €3,558.0 million), mainly due to the impairment of goodwill that was carried out in an amount of €22.3 million in the KION ITS Americas Operating Unit during the reporting period. Capital investment meant that other property, plant and equipment rose to €1,825.2 million (December 31, 2023: €1,749.9 million). This included right-of-use assets amounting to €626.2 million in relation to procurement leases (December 31, 2023: €589.2 million). Of this figure, €474.7 million was attributable to land and buildings (December 31, 2023: €470.7 million) and €151.5 million to plant & machinery and office furniture & equipment (December 31, 2023: €118.5 million).
The rental assets of €770.4 million recognized for the short-term rental business in the statement of financial position were somewhat higher than at the end of 2023 (December 31, 2023: €737.8 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases also increased, amounting to €1,548.9 million as at the reporting date (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 rose sharply to €1,954.1 million (December 31, 2023: €1,701.9 million).
Current assets swelled to a total of €5,344.3 million as at September 30, 2024 (December 31, 2023: €5,223.3 million). This was because inventories were higher, at €1,976.2 million (December 31, 2023: €1,817.1 million), as a result of the increase in work in progress and finished goods and in raw materials and bought-in components over the course of the reporting period. However, trade receivables fell to €1,637.1 million (December 31, 2023: €1,755.8 million) and contract assets, which mainly relate to the project business in the Supply Chain Solutions segment, declined to €303.8 million (December 31, 2023: €403.3 million).
At €1,974.1 million, the KION Group’s net working capital as at September 30, 2024 was slightly lower than at the end of 2023 (December 31, 2023: €2,009.0 million), with the increase in inventories outweighed by a reduction in trade receivables, higher trade payables, and a decrease in contract balances related to project business in the Supply Chain Solutions segment.
Current lease receivables from end customers rose from €612.5 million as at December 31, 2023 to €687.7 million as at September 30, 2024.
The jump in free cash flow pushed up cash and cash equivalents to €395.5 million as at September 30, 2024 (December 31, 2023: €311.8 million).