[10] Other expenses
Other expenses break down as follows:
in € million |
2024 |
2023 |
|---|---|---|
Foreign currency exchange rate losses |
65.5 |
101.1 |
Impairment of non-current assets |
30.0 |
6.7 |
Accounting loss from disposal of non-current assets |
5.7 |
4.1 |
Sundry expenses |
44.2 |
18.3 |
Total other expenses |
145.4 |
130.2 |
In 2024, other expenses went up by €15.2 million year on year to stand at €145.4 million.
Foreign currency exchange rate losses are largely attributable to the translation of trade receivables, trade payables, lease receivables, and liabilities from the lease and short-term rental business that are denominated in a foreign currency. Such losses also include losses on hedges that are entered into in order to hedge currency risk arising from the operating business and are not part of a formally documented hedge (details of the countervailing other income from foreign currency exchange rate gains can be found in note [9]).
Of the impairment losses recognized on non-current assets in 2024, a large part (€22.4 million) related to the full impairment of the goodwill of the KION ITS Americas Operating Unit. Further information can be found in note [16].
The increase in sundry expenses in 2024 was primarily attributable to expenses of €14.8 million (including interest and consultancy costs) that were incurred in connection with the ending of a long-running legal dispute related to the acquisition of a group of companies in 2015 by the former Dematic Group.