Net assets

Non-current assets

Non-current assets rose by €300.0 million from their level at the end of 2017 to €10,150.6 million as at 31 December 2018. Intangible assets accounted for €5,721.6 million of total non-current assets (31 December 2017: €5,716.5 million). The goodwill included in this total was up slightly at €3,424.8 million (31 December 2017: €3,382.5 million), mainly as a result of currency effects. However, these were partly offset by the effect of the ongoing writedowns on the customer relationships acquired from Dematic as part of the purchase price allocation (PPA). The rise in other property, plant and equipment to €1,077.8 million (31 December 2017: €994.9 million) was largely attributable to higher capital expenditure on new production facilities and to additional right-of-use assets relating to new and extended procurement leases. Right-of-use assets increased to €390.7 million (31 December 2017: €347.4 million). Within this total, the right-of-use assets for land and buildings stood at €276.4 million (31 December 2017: €247.6 million) and the right-of-use assets for plant, machinery, and office furniture and equipment stood at €114.3 million (31 December 2017: €99.8 million). Leased assets for direct and indirect leases with end customers that are classified as operating leases increased slightly to reach €1,261.8 million (31 December 2017: €1,246.3 million). Further expansion of the short-term rental fleet caused rental assets to rise to €670.5 million (31 December 2017: €608.4 million). At €826.2 million, long-term lease receivables arising from leases with end customers that are classified as finance leases were considerably higher than at the end of 2017 (31 December 2017: €647.8 million). The amount of deferred tax assets recognised in the statement of financial position was €421.7 million as at the reporting date (31 December 2017: €475.2 million).

Current assets

Current assets rose by €331.1 million to €2,818.2 million (31 December 2017: €2,487.1 million). The temporary bottlenecks at individual suppliers resulted in significant inventory growth in the Industrial Trucks & Services segment that had not been completely eliminated by 31 December 2018. The increased volume of business also resulted in higher inventories in the KION Group, which stood at €994.8 million as at the reporting date (31 December 2017: €768.6 million). > TABLE 018

Trade receivables amounted to €1,036.4 million (31 December 2017: €999.4 million).

The KION Group’s net working capital, which comprises inventories, trade receivables and contract assets less trade payables and contract liabilities, rose to €676.1 million (31 December 2017: €619.9 million).

Cash and cash equivalents stood at €175.3 million on the reporting date, which was virtually unchanged on the previous year (31 December 2017: €173.2 million) and, in line with groupwide liquidity management (cash pooling), was at the level required for operating activities.

Current lease receivables from end customers increased to €271.2 million (31 December 2017: €228.0 million).

The condensed consolidated statement of financial position as at 31 December 2018 showing current and non-current assets and liabilities together with equity is presented in > TABLE 019.