[16] Goodwill and other intangible assets
Goodwill breaks down by Operating Unit (the Operating Units equate to the CGUs or groups of CGUs) as follows:
in € million |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
Industrial Trucks & Services |
1,501.6 |
1,505.4 |
KION ITS EMEA |
1,385.8 |
1,371.8 |
KION ITS Americas |
– |
22.0 |
KION ITS APAC |
115.8 |
111.6 |
Supply Chain Solutions |
2,146.6 |
2,052.7 |
KION SCS |
2,146.6 |
2,052.7 |
Total goodwill |
3,648.2 |
3,558.0 |
The increase in goodwill was largely due to positive exchange rate effects of €99.5 million in 2024. Furthermore, the acquisitions of Pelzer Fördertechnik GmbH and Sociedad Gallega de Carretillas, S.A. gave rise to goodwill totaling €13.1 million. By contrast, there was a reduction in goodwill as a result of the full impairment of the goodwill of the KION ITS Americas Operating Unit, which was recognized following an ad hoc impairment test.
The total carrying amount for brand names as at December 31, 2024 was €939.3 million (December 31, 2023: €938.9 million). This figure essentially broke down as follows: €465.0 million (December 31, 2023: €465.0 million) attributable to the Linde brand name and €107.0 million (December 31, 2023: €107.0 million) to the STILL brand name within the KION ITS EMEA Operating Unit and €349.7 million (December 31, 2023: €349.7 million) to the Dematic brand name within the KION SCS Operating Unit.
The annual impairment test of goodwill and brand names with an indefinite useful life carried out as at December 31, 2024 revealed no need to recognize any further impairment losses. Further information about this and about the ad hoc impairment test of the goodwill of the KION ITS Americas Operating Unit can be found in note [6].
The overall changes in intangible assets in 2024 and 2023 were as follows:
in € million |
Goodwill |
Brand |
Technologies and developments |
Sundry intangible assets |
Total |
|---|---|---|---|---|---|
Balance as at Jan. 1, 2023 |
3,619.4 |
939.4 |
706.3 |
516.5 |
5,781.6 |
Gross carrying amount as at Jan. 1 |
3,619.6 |
946.4 |
1,301.6 |
1,111.7 |
6,979.3 |
Accumulated depreciation as at Jan. 1 |
–0.2 |
–7.0 |
–595.4 |
–595.2 |
–1,197.7 |
|
|
|
|
|
|
Group changes |
2.2 |
– |
– |
– |
2.2 |
Currency translation adjustments |
–60.9 |
–0.5 |
–10.9 |
–10.1 |
–82.5 |
Additions |
– |
– |
116.0 |
43.8 |
159.8 |
Disposals |
–2.7 |
– |
– |
–0.2 |
–2.9 |
Amortization |
– |
– |
–117.6 |
–74.6 |
–192.2 |
Impairment |
– |
– |
–1.1 |
–0.1 |
–1.1 |
|
|
|
|
|
|
Balance as at Dec. 31, 2023 |
3,558.0 |
938.9 |
692.6 |
475.4 |
5,665.0 |
Gross carrying amount as at Dec. 31 |
3,558.2 |
945.8 |
1,363.7 |
1,121.7 |
6,989.4 |
Accumulated amortization as at Dec. 31 |
–0.1 |
–6.9 |
–671.1 |
–646.3 |
–1,324.4 |
|
|
|
|
|
|
Balance as at Jan. 1, 2024 |
3,558.0 |
938.9 |
692.6 |
475.4 |
5,665.0 |
Group changes |
13.1 |
– |
– |
27.6 |
40.7 |
Currency translation adjustments |
99.5 |
0.4 |
24.0 |
19.7 |
143.6 |
Additions |
– |
– |
133.2 |
55.3 |
188.5 |
Disposals |
– |
– |
–0.7 |
–0.1 |
–0.8 |
Amortization |
– |
– |
–116.2 |
–77.1 |
–193.2 |
Impairment |
–22.4 |
– |
–6.5 |
– |
–28.9 |
|
|
|
|
|
|
Balance as at Dec. 31, 2024 |
3,648.2 |
939.3 |
726.5 |
500.9 |
5,814.9 |
Gross carrying amount as at Dec. 31 |
3,671.5 |
946.3 |
1,493.8 |
1,201.2 |
7,312.8 |
Accumulated amortization as at Dec. 31 |
–23.3 |
–7.1 |
–767.3 |
–700.3 |
–1,498.0 |
The total carrying amount for technology and development assets as at December 31, 2024 was €726.5 million (December 31, 2023: €692.6 million). Development costs of €133.2 million were capitalized in the reporting year (2023: €116.0 million).
Sundry intangible assets relate in particular to customer relationships amounting to €369.8 million (December 31, 2023: €376.7 million).