Net assets
The condensed consolidated statement of financial position as at December 31, 2024 showing current and non-current assets and liabilities together with equity is presented below:
in € million |
Dec. 31, 2024 |
in % |
Dec. 31, 2023 |
in % |
Change |
||
|---|---|---|---|---|---|---|---|
Non-current assets |
13,236.4 |
70.4% |
12,165.1 |
70.0% |
8.8% |
||
Current assets |
5,569.0 |
29.6% |
5,223.3 |
30.0% |
6.6% |
||
Total assets |
18,805.4 |
100.0% |
17,388.4 |
100.0% |
8.1% |
||
Equity |
6,207.1 |
33.0% |
5,772.7 |
33.2% |
7.5% |
||
Non-current liabilities1 |
7,088.1 |
37.7% |
6,663.9 |
38.3% |
6.4% |
||
Current liabilities1 |
5,510.2 |
29.3% |
4,951.8 |
28.5% |
11.3% |
||
Total equity and liabilities |
18,805.4 |
100.0% |
17,388.4 |
100.0% |
8.1% |
||
|
|||||||
Non-current assets
Non-current assets increased year on year to €13,236.4 million (December 31, 2023: €12,165.1 million). The carrying amount of intangible assets was €5,814.9 million (December 31, 2023: €5,665.0 million). The total carrying amount of the goodwill included in this figure advanced to €3,648.2 million (December 31, 2023: €3,558.0 million), mainly owing to due to exchange-rate movements. Other property, plant and equipment rose to €1,986.1 million (December 31, 2023: €1,749.9 million) as a result of ongoing capital expenditure activities that mainly related to investment in the expansion of existing production and technology facilities. Other property, plant and equipment also included right-of-use assets related to procurement leases, which increased to €707.3 million as at the end of 2024 (December 31, 2023: €589.2 million). Of this figure, €536.4 million was attributable to land and buildings (December 31, 2023: €470.7 million) and €170.9 million to plant & machinery and office furniture & equipment (December 31, 2023: €118.5 million).
The rental assets from the short-term rental business recognized in the statement of financial position rose to €805.2 million as at December 31, 2024 (December 31, 2023: €737.8 million). This was due to the continued expansion and gradual renewal of the short-term rental fleet. Leased assets for direct and indirect leases that are classified as operating leases advanced to €1,631.5 million (December 31, 2023: €1,454.9 million). There was also a volume-related increase in non-current lease receivables arising from leases with end customers that are classified as finance leases to €2,088.9 million (December 31, 2023: €1,701.9 million).
The amount of deferred tax assets recognized in the statement of financial position swelled to €489.3 million as at December 31, 2024 (December 31, 2023: €443.2 million). They are recognized on temporary differences and on tax refund claims that arise in subsequent years from the expected utilization of tax loss carryforwards and interest carryforwards and from tax credits.
Current assets
Current assets increased to a total of €5,569.0 million as at the end of 2024 (December 31, 2023: €5,223.3 million).
This growth was primarily driven by the sharp rise in cash and cash equivalents to €787.0 million (December 31, 2023: €311.8 million). The significant improvement in free cash flow during the reporting year and, in particular, the inflow of cash provided by the corporate bond issued in November had a positive impact on liquidity as at the reporting date.
Thanks to rigorous management of working capital, the KION Group’s net working capital was down significantly at €1,783.2 million as at the end of 2024 (December 31, 2023: €2,009.0 million). Moreover, inventories fell sharply year on year to €1,748.6 million as at December 31, 2024 (December 31, 2023: €1,817.1 million) as a result of a substantial reduction in stock levels during the fourth quarter.
in € million |
Dec. 31, 2024 |
Dec. 31, 2023 |
Change |
|---|---|---|---|
Materials and supplies |
454.6 |
465.8 |
–2.4% |
Work in progress |
294.3 |
318.1 |
–7.5% |
Finished goods and merchandise |
945.7 |
959.6 |
–1.4% |
Advances paid |
54.1 |
73.7 |
–26.6% |
Total inventories |
1,748.6 |
1,817.1 |
–3.8% |
In addition, reporting date-related effects meant that trade receivables decreased to €1,695.6 million (December 31, 2023: €1,755.8 million). Contract assets, which mainly related to project business in the Supply Chain Solutions segment, declined to €278.1 million as at the end of 2024 (December 31, 2023: €403.3 million).
Current lease receivables from end customers increased from €612.5 million as at December 31, 2023 to €723.8 million as at December 31, 2024 for volume-related reasons.