Financial position of the KION Group
Liquidity analysis
Cash flow from operating activities came to €125.0 million in the first three months of 2025 (Q1 2024: €138.8 million). Factors impacting this figure included operating profit, the increase in net working capital in the Industrial Trucks & Services segment, and variable remuneration paid to employees. Net cash provided by operating activities was not affected by the expenses recognized in the reporting period for the implementation of the efficiency program, because the relevant cash outflows had not yet occurred.
Net cash used for investing activities amounted to minus €95.3 million in the first quarter of 2025, which was a higher amount than in the equivalent period of the prior year (Q1 2024: minus €73.1 million). Outflows for capital expenditure on property, plant, and equipment, and on intangible assets included in this figure amounted to minus €85.4 million and were therefore of a similar magnitude as in the prior-year period (minus €87.7 million). Capitalized development costs accounted for a share of minus €34.9 million of this item (Q1 2024: minus €28.9 million).
Free cash flow – the sum of cash flows from operating activities and investing activities – amounted to €29.7 million in the reporting period (Q1 2024: €65.7 million).
Net cash used for financing activities reduced to minus €63.3 million in the reporting period (Q1 2024: minus €125.8 million). This change was mainly attributable to higher repayments of financial liabilities in the prior-year period.
Cash and cash equivalents totaled €750.2 million as at March 31, 2025 (December 31, 2024: €787.0 million).
Taking into account the credit facility of €1,385.7 million that was freely available and, as at the reporting date, entirely unutilized (December 31, 2024: €1,385.7 million), the unrestricted cash and cash equivalents available to the KION Group as at March 31, 2025 amounted to €2,134.8 million (December 31, 2024: €2,172.2 million).
in € million |
Q1 |
Q1 |
Change |
||
|---|---|---|---|---|---|
EBIT |
–21.8 |
210.9 |
< –100% |
||
+ Amortization/depreciation1 on non-current assets (without lease and rental assets) |
133.4 |
121.2 |
10.1% |
||
+ Net changes from lease business |
–15.1 |
–40.7 |
62.9% |
||
+ Net changes from short-term rental business |
–13.0 |
–11.3 |
–15.2% |
||
+ Changes in net working capital |
–56.5 |
–1.2 |
< –100% |
||
+ Taxes paid |
–31.9 |
–33.4 |
4.4% |
||
+ Changes in other provisions |
198.5 |
–3.7 |
> 100% |
||
+ Other |
–68.5 |
–102.9 |
33.5% |
||
= Cash flow from operating activities |
125.0 |
138.8 |
–9.9% |
||
+ Cash flow from investing activities |
–95.3 |
–73.1 |
–30.5% |
||
thereof cash payments for capitalized development costs |
–34.9 |
–28.9 |
–20.9% |
||
thereof cash payments for purchase of other non-current assets |
–50.5 |
–58.8 |
14.2% |
||
thereof from acquisitions |
–5.9 |
– |
– |
||
thereof from sale of subsidiaries/other businesses |
– |
10.5 |
–100.0% |
||
thereof from other investing activities |
–4.0 |
4.2 |
< –100% |
||
= Free cash flow |
29.7 |
65.7 |
–54.9% |
||
+ Cash flow from financing activities |
–63.3 |
–125.8 |
49.7% |
||
+ Effect of exchange rate changes on cash |
–3.2 |
–0.4 |
< –100% |
||
= Change in cash and cash equivalents |
–36.9 |
–60.4 |
39.0% |
||
|
|||||
Analysis of capital structure
Net financial debt (non-current and current financial liabilities less cash and cash equivalents) amounted to €949.1 million as at the reporting date (December 31, 2024: €913.2 million). This equates to 0.5 times adjusted EBITDA on an annualized basis (December 31, 2024: 0.5 times). To reconcile the net financial debt with the industrial net operating debt (INOD) of €2,499.2 million as at March 31, 2025 (December 31, 2024: €2,497.5 million), the liabilities from the short-term rental business of €782.0 million (December 31, 2024: €814.1 million) and the liabilities from procurement leases of €768.1 million (December 31, 2024: €770.1 million) are added to net financial debt.
in € million |
Mar. 31, 2025 |
Dec. 31, 2024 |
Change |
||
|---|---|---|---|---|---|
Promissory notes |
529.2 |
528.5 |
0.1% |
||
Bonds |
995.7 |
995.2 |
0.0% |
||
Liabilities to banks |
145.1 |
146.9 |
–1.3% |
||
Other financial debt |
29.4 |
29.6 |
–0.8% |
||
Financial debt |
1,699.3 |
1,700.3 |
–0.1% |
||
Less cash and cash equivalents |
–750.2 |
–787.0 |
4.7% |
||
Net financial debt |
949.1 |
913.2 |
3.9% |
||
Liabilities from short-term rental business |
782.0 |
814.1 |
–3.9% |
||
Liabilities from procurement leases |
768.1 |
770.1 |
–0.3% |
||
Industrial net operating debt (INOD) |
2,499.2 |
2,497.5 |
0.1% |
||
Net defined benefit obligation |
602.8 |
666.9 |
–9.6% |
||
Industrial net debt (IND) |
3,102.1 |
3,164.4 |
–2.0% |
||
|
|
|
|
||
Adjusted EBITDA1 for the previous twelve months |
1,929.7 |
1,945.0 |
–0.8% |
||
|
|
|
|
||
Leverage on net financial debt |
0.5 |
0.5 |
– |
||
Leverage on INOD |
1.3 |
1.3 |
– |
||
Leverage on IND |
1.6 |
1.6 |
– |
||
|
|||||
The Group’s equity decreased to €6,105.3 million as at March 31, 2025 (December 31, 2024: €6,207.1 million). This decline was mainly due to the net loss for the period of €46.9 million generated in the quarter under review. The actuarial gains and losses arising from the measurement of pensions, which amounted to a net gain of €46.8 million (after deferred taxes), also had an impact on equity, as did the currency translation losses of €110.2 million. Both amounts were recognized in other comprehensive income. The equity ratio declined to 32.4 percent (December 31, 2024: 33.0 percent).