[39] Consolidated statement of cash flows

The consolidated statement of cash flows shows the changes in cash and cash equivalents in the KION Group resulting from cash inflows and outflows in the year under review, broken down into cash flow from operating, investing, and financing activities. The effects on cash from changes in exchange rates are shown separately. Cash flow from operating activities is presented using the indirect method.

Cash and cash equivalents increased to €787.0 million as at December 31, 2024 (December 31, 2023: €311.8 million).

Taking into account the credit facility of €1,385.7 million that was still freely available and was undrawn as at the reporting date (December 31, 2023: €1,364.7 million), the unrestricted cash and cash equivalents available to the KION Group as at the end of 2024 amounted to €2,172.2 million (December 31, 2023: €1,674.4 million).

In 2024, the KION Group’s cash flow from operating activities amounted to a net cash inflow of €1,170.6 million and was therefore even higher than in the previous year (2023: €1,144.0 million). This was primarily thanks to the significant improvement in operating profit and the substantial reduction in net working capital. Cash outflows encompassed the variable remuneration that was paid and the payments for income taxes, which were much higher than in the previous year due to the success of the 2023 financial year. Interest received and interest paid resulting from the lease and short-term rental business are also recognized in cash flow from operating activities.

There was an increase in net cash used for investing activities to minus €468.6 million in 2024 (2023: minus €428.8 million). [ESRS 1.123] Within this total, cash payments in respect of capital expenditure came to minus €462.9 million (2023: minus €442.8 million). This figure included capitalized development costs, which rose year on year to €133.2 million (2023: €116.0 million). In 2024, there were also net payments totaling minus €36.7 million (2023: minus €2.8 million) for acquisitions of companies and equity investments, although these were partly offset by net inflows of €10.3 million (2023: €0.0 million) from the sale of business units.

Free cash flow – the sum of cash flow from operating activities and investing activities – amounted to €702.0 million in the reporting year, which was almost as high as in the previous year (2023: €715.2 million).

Net cash used for financing activities amounted to minus €224.7 million in 2024 (2023: minus €721.7 million). Additions to and repayments of financial debt mainly related to the issue of the corporate bond, additions and repayments under the commercial paper program and the syndicated revolving credit facility (RCF) during the year, and the repayment of promissory notes and bank loans. Payments made for interest portions and principal portions under procurement leases totaled €175.0 million (2023: €157.9 million). Current interest payments were on a par with the previous year at minus €69.1 million (2023: minus €69.7 million). Payments as a result of other financing activities, which mainly related to the repayment of factoring liabilities, totaled minus €61.7 million (2023: receipts of €4.2 million). The payment of a dividend to the shareholders of KION GROUP AG resulted in an outflow of funds of minus €91.8 million, which equates to €0.70 per share.

Currency effects in relation to cash and cash equivalents amounted to minus €2.1 million (2023: minus €5.0 million).

Additional information on the changes to liabilities arising from financing activities can be found in the following tables: