Depreciation and amortization Depreciation and amortization are recorded on a straight- line basis over the economic useful lives of the assets, or over the lease contract periods, when applicable, if shorter. Economic useful lives: | |
Customer related intangibles | 10-15 years |
Other intangible assets | 3-10 years |
Buildings | 5-40 years |
Machinery and equipment | 4-15 years |
Land is not depreciated. |
2.1 Sales Due to KONE\u2019s business model, the nature of its operations and its governance structure, KONE has one operating segment. Sales by customer KONE\u2019s customer base consists of a large number of customers in several market areas with no significant customer concentration. In 2023, the single biggest customer, residing in China, generated 0.6% of total revenue. Sales by business | ||||
Jan 1\u2013Dec 31, | Jan 1\u2013Dec 31, | |||
MEUR | 2023 | % | 2022 | % |
New Building Solutions | 4,921.5 | 45 | 5,399.3 | 50 |
Service | 4,127.0 | 38 | 3,890.4 | 36 |
Modernization | 1,903.8 | 17 | 1,616.9 | 15 |
Total | 10,952.3 | 10,906.7 |
Jan 1\u2013Dec 31, | Jan 1\u2013Dec 31, | |||
MEUR | 2023 | % | 2022 | % |
EMEA \u00b9\u207e | 4,490.2 | 41 | 4,237.7 | 39 |
Americas | 2,470.2 | 23 | 2,239.8 | 21 |
Asia-Pacific | 3,991.9 | 36 | 4,429.2 | 41 |
Total | 10,952.3 | 10,906.7 |
Jan 1\u2013Dec 31, | Jan 1\u2013Dec 31, | |||
MEUR | 2023 | % | 2022 | % |
EMEA \u00b9\u207e | 4,490.2 | 41 | 4,237.7 | 39 |
Americas | 2,470.2 | 23 | 2,239.8 | 21 |
Asia-Pacific | 3,991.9 | 36 | 4,429.2 | 41 |
Total | 10,952.3 | 10,906.7 |
Costs and expenses, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Direct materials, supplies and subcontracting | 4,168.4 | 4,458.2 |
Wages, salaries, and other employment expenses including pensions (note 5.7) | 3,656.1 | 3,533.4 |
Other production costs | 885.9 | 874.1 |
Selling, administrative and other expenses | 774.0 | 750.1 |
Items impacting comparability | 48.3 | 45.4 |
Depreciation and amortization (note 2.3) | 269.4 | 259.3 |
Costs, expenses, depreciation and amortization | 9,802.2 | 9,920.5 |
Other income \u00b9\u207e | 50.0 | 45.0 |
Total costs, expenses, depreciation and amortization | 9,752.2 | 9,875.5 |
Research and development costs, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
R&D costs included in total costs | 185.0 | 187.8 |
As percentage of sales, % | 1.7 | 1.7 |
Auditors\u00b4 fees, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
To member firms of Ernst & Young network | 3.9 | 3.8 |
Auditors\u00b4 statements | - | - |
Tax services | 0.6 | 0.1 |
Other services | 0.7 | 0.2 |
Total | 5.2 | 4.1 |
Costs and expenses, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Direct materials, supplies and subcontracting | 4,168.4 | 4,458.2 |
Wages, salaries, and other employment expenses including pensions (note 5.7) | 3,656.1 | 3,533.4 |
Other production costs | 885.9 | 874.1 |
Selling, administrative and other expenses | 774.0 | 750.1 |
Items impacting comparability | 48.3 | 45.4 |
Depreciation and amortization (note 2.3) | 269.4 | 259.3 |
Costs, expenses, depreciation and amortization | 9,802.2 | 9,920.5 |
Other income \u00b9\u207e | 50.0 | 45.0 |
Total costs, expenses, depreciation and amortization | 9,752.2 | 9,875.5 |
Research and development costs, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
R&D costs included in total costs | 185.0 | 187.8 |
As percentage of sales, % | 1.7 | 1.7 |
Auditors\u00b4 fees, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
To member firms of Ernst & Young network | 3.9 | 3.8 |
Auditors\u00b4 statements | - | - |
Tax services | 0.6 | 0.1 |
Other services | 0.7 | 0.2 |
Total | 5.2 | 4.1 |
Costs and expenses, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Direct materials, supplies and subcontracting | 4,168.4 | 4,458.2 |
Wages, salaries, and other employment expenses including pensions (note 5.7) | 3,656.1 | 3,533.4 |
Other production costs | 885.9 | 874.1 |
Selling, administrative and other expenses | 774.0 | 750.1 |
Items impacting comparability | 48.3 | 45.4 |
Depreciation and amortization (note 2.3) | 269.4 | 259.3 |
Costs, expenses, depreciation and amortization | 9,802.2 | 9,920.5 |
Other income \u00b9\u207e | 50.0 | 45.0 |
Total costs, expenses, depreciation and amortization | 9,752.2 | 9,875.5 |
Costs and expenses, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Direct materials, supplies and subcontracting | 4,168.4 | 4,458.2 |
Wages, salaries, and other employment expenses including pensions (note 5.7) | 3,656.1 | 3,533.4 |
Other production costs | 885.9 | 874.1 |
Selling, administrative and other expenses | 774.0 | 750.1 |
Items impacting comparability | 48.3 | 45.4 |
Depreciation and amortization (note 2.3) | 269.4 | 259.3 |
Costs, expenses, depreciation and amortization | 9,802.2 | 9,920.5 |
Other income \u00b9\u207e | 50.0 | 45.0 |
Total costs, expenses, depreciation and amortization | 9,752.2 | 9,875.5 |
Research and development costs, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
R&D costs included in total costs | 185.0 | 187.8 |
As percentage of sales, % | 1.7 | 1.7 |
Auditors\u00b4 fees, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
To member firms of Ernst & Young network | 3.9 | 3.8 |
Auditors\u00b4 statements | - | - |
Tax services | 0.6 | 0.1 |
Other services | 0.7 | 0.2 |
Total | 5.2 | 4.1 |
Jan 1\u2013Dec 31, 2023 | ||||||||
Tangible assets, MEUR | ||||||||
Opening gross acquisition cost | 5.9 | 336.7 | 403.6 | 714.2 | 249.5 | 25.3 | 1.6 | 1,736.9 |
Opening accumulated depreciation | - | -164.6 | -212.8 | -515.9 | -126.7 | - | - | -1,020.0 |
Opening net book value | 5.9 | 172.1 | 190.8 | 198.3 | 122.8 | 25.3 | 1.6 | 716.8 |
Opening net book value | 5.9 | 172.1 | 190.8 | 198.3 | 122.8 | 25.3 | 1.6 | 716.8 |
Translation differences | 0.0 | -5.7 | -4.7 | -5.9 | -2.1 | -0.6 | -0.3 | -19.2 |
Increase | - | 16.7 | 72.0 | 68.6 | 89.1 | 45.4 | 4.0 | 295.9 |
Decrease | 0.0 | -0.8 | -4.0 | -1.6 | 0.0 | -2.7 | -0.2 | -9.2 |
Reclassifications | - | 10.3 | 0.0 | 8.6 | 0.0 | -16.9 | -2.0 | 0.0 |
Companies acquired (note 4.1) | - | 0.0 | 4.0 | 2.3 | 0.9 | - | 0.4 | 7.7 |
Depreciation | - | -15.0 | -65.7 | -66.7 | -64.7 | - | - | -212.1 |
Closing net book value | 5.9 | 177.8 | 192.3 | 203.5 | 146.0 | 50.5 | 3.6 | 779.7 |
Closing gross acquisition cost | 5.9 | 350.9 | 435.6 | 750.8 | 280.4 | 50.5 | 3.6 | 1,877.8 |
Closing accumulated depreciation | - | -173.1 | -243.3 | -547.3 | -134.3 | - | - | -1,098.1 |
Closing net book value | 5.9 | 177.8 | 192.3 | 203.5 | 146.0 | 50.5 | 3.6 | 779.7 |
Jan 1\u2013Dec 31, 2022 | ||||||||
Tangible assets, MEUR | ||||||||
Opening gross acquisition cost | 6.7 | 333.3 | 365.5 | 664.4 | 232.2 | 11.5 | 3.5 | 1,617.1 |
Opening accumulated depreciation | - | -152.2 | -154.1 | -464.5 | -109.6 | - | - | -880.4 |
Opening net book value | 6.7 | 181.1 | 211.4 | 199.9 | 122.6 | 11.5 | 3.5 | 736.7 |
Opening net book value | 6.7 | 181.1 | 211.4 | 199.9 | 122.6 | 11.5 | 3.5 | 736.7 |
Translation differences | 0.0 | -1.6 | 1.9 | -0.5 | 0.8 | -0.4 | 0.0 | 0.2 |
Increase | - | 7.0 | 44.5 | 58.9 | 62.9 | 23.3 | 1.6 | 198.4 |
Decrease | -0.8 | -2.1 | -3.4 | -1.5 | -0.8 | -0.1 | - | -8.7 |
Reclassifications | - | 2.7 | 0.0 | 9.3 | 0.0 | -8.9 | -3.6 | -0.4 |
Companies acquired (note 4.1) | - | - | - | 0.2 | 0.2 | - | - | 0.4 |
Depreciation | 0.0 | -15.0 | -63.8 | -68.1 | -62.9 | - | - | -209.8 |
Closing net book value | 5.9 | 172.1 | 190.8 | 198.3 | 122.8 | 25.3 | 1.6 | 716.8 |
Closing gross acquisition cost | 5.9 | 336.7 | 403.6 | 714.2 | 249.5 | 25.3 | 1.6 | 1,736.9 |
Closing accumulated depreciation | - | -164.6 | -212.8 | -515.9 | -126.7 | - | - | -1,020.0 |
Closing net book value | 5.9 | 172.1 | 190.8 | 198.3 | 122.8 | 25.3 | 1.6 | 716.8 |
Research and development costs, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
R&D costs included in total costs | 185.0 | 187.8 |
As percentage of sales, % | 1.7 | 1.7 |
Auditors\u00b4 fees, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
To member firms of Ernst & Young network | 3.9 | 3.8 |
Auditors\u00b4 statements | - | - |
Tax services | 0.6 | 0.1 |
Other services | 0.7 | 0.2 |
Total | 5.2 | 4.1 |
Depreciation and amortization, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Intangible assets | ||
Customer related intangibles | 47.0 | 39.5 |
Other | 10.3 | 10.0 |
Buildings | 80.7 | 78.8 |
Machinery and equipment | 131.4 | 131.0 |
Total | 269.4 | 259.3 |
Depreciation and amortization Depreciation and amortization are recorded on a straight- line basis over the economic useful lives of the assets, or over the lease contract periods, when applicable, if shorter. Economic useful lives: | |
Customer related intangibles | 10-15 years |
Other intangible assets | 3-10 years |
Buildings | 5-40 years |
Machinery and equipment | 4-15 years |
Land is not depreciated. |
A change of 10% in the annual average foreign exchange | |
rates | |
Impact on sales | Impact on operating income |
(EBIT) | |
Higher impact on | |
7.4% change in | operating income as |
consolidated sales in | compared to sales and |
euros | some impact on relative |
operating income |
Exposure | Exposure | Exposure | ||||||||||||
against EUR | against USD | against CNY | ||||||||||||
MEUR | HKD USD | GBP SEK CNY | JPY | Others | Total | CNY CAD | Others | Total | SGD Others | Total | ||||
Exposure Dec 31, 2023 | -441 | -72 | -90 | -79 | 73 | 95 | -10 | -523 | 88 | -94 | -10 | -17 | -55 | -178 |
Exposure Dec 31, 2022 | -221 | -102 | -68 | -60 | 60 | 119 | 23 | -249 | 108 | -96 | -29 | -17 | -44 |
Chinese Yuan | CNY | 7.6589 | 7.8509 | 7.0836 | 7.3582 |
US Dollar | USD | 1.0816 | 1.1050 | 1.0563 | 1.0666 |
British Pound | GBP | 0.8702 | 0.8691 | 0.8537 | 0.8869 |
Indian Rupee | INR | 89.3371 | 91.9045 | 82.8319 | 88.1710 |
Australian Dollar | AUD | 1.6297 | 1.6263 | 1.5189 | 1.5693 |
Financing income and expenses, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Dividend income \u00b9\u207e | 5.4 | - |
Interest income | ||
Change in fair value of interest \u00b2\u207e | 19.4 | 2.9 |
Interest income on foreign exchange rate derivatives | 2.2 | 26.1 |
Interest income on loan receivables and financial assets | 17.9 | 17.4 |
Other financing income | 0.2 | 0.2 |
Exchange rate gains \u00b3\u207e | 4.8 | 4.6 |
Financing income | 50.0 | 51.2 |
Interest expenses | ||
Change in fair value of interest \u00b2\u207e | - | -6.0 |
Interest expenses on other financial liabilities \u2074\u207e | -25.3 | -16.8 |
Other financing expenses \u2075\u207e | -5.5 | -6.5 |
Exchange rate losses \u00b3\u207e | -13.1 | -24.6 |
Financing expenses | -43.9 | -53.9 |
Total | 6.1 | -2.7 |
Financing income and expenses, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Dividend income \u00b9\u207e | 5.4 | - |
Interest income | ||
Change in fair value of interest \u00b2\u207e | 19.4 | 2.9 |
Interest income on foreign exchange rate derivatives | 2.2 | 26.1 |
Interest income on loan receivables and financial assets | 17.9 | 17.4 |
Other financing income | 0.2 | 0.2 |
Exchange rate gains \u00b3\u207e | 4.8 | 4.6 |
Financing income | 50.0 | 51.2 |
Interest expenses | ||
Change in fair value of interest \u00b2\u207e | - | -6.0 |
Interest expenses on other financial liabilities \u2074\u207e | -25.3 | -16.8 |
Other financing expenses \u2075\u207e | -5.5 | -6.5 |
Exchange rate losses \u00b3\u207e | -13.1 | -24.6 |
Financing expenses | -43.9 | -53.9 |
Total | 6.1 | -2.7 |
Financing income and expenses, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Dividend income \u00b9\u207e | 5.4 | - |
Interest income | ||
Change in fair value of interest \u00b2\u207e | 19.4 | 2.9 |
Interest income on foreign exchange rate derivatives | 2.2 | 26.1 |
Interest income on loan receivables and financial assets | 17.9 | 17.4 |
Other financing income | 0.2 | 0.2 |
Exchange rate gains \u00b3\u207e | 4.8 | 4.6 |
Financing income | 50.0 | 51.2 |
Interest expenses | ||
Change in fair value of interest \u00b2\u207e | - | -6.0 |
Interest expenses on other financial liabilities \u2074\u207e | -25.3 | -16.8 |
Other financing expenses \u2075\u207e | -5.5 | -6.5 |
Exchange rate losses \u00b3\u207e | -13.1 | -24.6 |
Financing expenses | -43.9 | -53.9 |
Total | 6.1 | -2.7 |
Taxes in the statement of income, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Tax expense for current year | 314.3 | 272.2 |
Change in deferred tax assets and liabilities | -45.4 | -33.8 |
Tax expense for previous years | 5.7 | 5.5 |
Total | 274.6 | 244.0 |
Reconciliation of income before taxes with total income taxes in the statement of | ||
income, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Income before taxes | 1,206.1 | 1,028.4 |
Tax calculated at the domestic corporation tax rate (20%) | 241.2 | 205.7 |
Effect of different tax rates in foreign subsidiaries | 6.5 | 6.9 |
Permanent differences | 3.9 | 6.5 |
Taxes from previous years and reassessment of deferred tax assets | -3.5 | 6.4 |
Remeasurement of deferred taxes - changes in corporate tax rates | - | 0.6 |
Deferred tax liability on undistributed earnings | 23.6 | 18.3 |
Other | 2.9 | -0.4 |
Total | 274.6 | 244.0 |
Effective tax rate, % \u00b9\u207e | 22.8 | 23.7 |
Tax rate of parent company, % | 20.0 | 20.0 |
1) The effective tax rate from the operations for the financial year 2022 was 22.6% excluding prior year taxes and one-time items on Russia. |
Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 | |
Net income attributable to the shareholders of the parent company, MEUR | 925.8 | 774.5 |
Weighted average number of shares (1,000 shares) | 517,217 | 517,841 |
Basic earnings per share, EUR | 1.79 | 1.50 |
Dilution effect of share-based incentive plans (1,000 shares) | 378 | 323 |
Weighted average number of shares, dilution adjusted (1,000 shares) | 517,595 | 518,164 |
Diluted earnings per share, EUR | 1.79 | 1.49 |
Disclosure of components of other comprehensive income (MEUR) | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Translation differences | -96.2 | 5.1 |
Hedging of foreign subsidiaries | 15.9 | -21.2 |
Changes in fair value | -23.8 | -20.8 |
Remeasurements of employee benefits | -17.2 | 27.4 |
Cash flow hedges: | ||
Gains/losses incurred during the year | -12.7 | 6.4 |
Reclassifications included in profit or loss | -7.4 | -5.8 |
Cash flow hedges, net | -20.1 | 0.6 |
Income tax relating to components of other comprehensive income | 2.0 | 16.9 |
Total other comprehensive income, net of tax | -139.5 | 8.0 |
Disclosure of tax effects relating to components | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 | ||||
of other comprehensive income (MEUR) | Gross Tax expense/ | Net-of-tax | Gross Tax expense/ | Net-of-tax | ||
amount | benefit | amount | amount | benefit | amount | |
Translation differences | -96.2 | - | -96.2 | 5.1 | - | 5.1 |
Hedging of foreign subsidiaries | 15.9 | - | 15.9 | -21.2 | - | -21.2 |
Cash flow hedges | -20.1 | 2.0 | -18.1 | 0.6 | 1.9 | 2.5 |
Items that may be subsequently reclassified | ||||||
to statement of income | -100.5 | 2.0 | -98.4 | -15.5 | 1.9 | -13.6 |
Changes in fair value | -23.8 | - | -23.8 | -20.8 | - | -20.8 |
Remeasurements of employee benefits | -17.2 | 0.0 | -17.2 | 27.4 | 15.0 | 42.4 |
Items that will not be reclassified to statement of income | -41.0 | 0.0 | -41.0 | 6.6 | 15.0 | 21.6 |
Total other comprehensive income, net of tax | -141.5 | 2.0 | -139.5 | -8.9 | 16.9 | 8.0 |
Inventories, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Raw materials, supplies and finished goods | 360.7 | 409.9 |
Work in progress | 441.5 | 411.1 |
Advance payments | 18.7 | 22.6 |
Total | 820.9 |
MEUR | Dec 31, 2023 | Dec 31, 2022 |
Accounts receivable | 2,495.1 | 2,668.1 |
Accrued income on maintenance contracts (note 3.3) | 35.1 | 36.6 |
Unbilled contract revenue (note 3.3) | 337.7 | 365.1 |
Assets related to contracts with customers | 2,867.9 | 3,069.8 |
Deferred income on maintenance contracts (note 3.4) | 433.3 | 452.2 |
Advance payments received and deferred revenue | 1,915.7 | 1,973.8 |
Liabilities related to contracts with customers | 2,349.0 | 2,426.0 |
Aging structure of the accounts receivable after recognition of impairment, MEUR *\u207e | Dec 31, 2023 | Dec 31, 2022 |
Not past due and less than one month due receivables | 1,796.5 | 2,018.3 |
Past due 1\u20133 months | 303.6 | 314.4 |
Past due 3\u20136 months | 176.0 | 161.1 |
Past due > 6 months | 219.0 | 174.3 |
Accounts receivable in the consolidated statement of financial position | 2,495.1 | 2,668.1 |
Aging structure of the accounts receivable after recognition of impairment, MEUR *\u207e | Dec 31, 2023 | Dec 31, 2022 |
Not past due and less than one month due receivables | 1,796.5 | 2,018.3 |
Past due 1\u20133 months | 303.6 | 314.4 |
Past due 3\u20136 months | 176.0 | 161.1 |
Past due > 6 months | 219.0 | 174.3 |
Accounts receivable in the consolidated statement of financial position | 2,495.1 | 2,668.1 |
Accruals, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Accrued interests | 1.7 | 1.0 |
Deferred income on maintenance contracts (note 3.2) | 433.3 | 452.2 |
Late cost accruals \u00b9\u207e | 261.3 | 302.3 |
Accrued salaries, wages and employment costs | 583.8 | 570.0 |
Share-based payments | - | 9.9 |
Derivative liabilities (note 5.3) | 28.5 | 32.6 |
Value added tax liabilities | 100.5 | 86.1 |
Accruals on acquisitions | 29.1 | 17.0 |
Other accruals | 555.3 | 581.2 |
Total | 1,993.4 | 2,052.2 |
\u00b9 \u207e Includes accrual for invoices still pending to be received on completed new building and modernization contracts. |
Deferred assets, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Deferred interests | 2.4 | 3.0 |
Accrued income on maintenance contracts (note 3.2) | 35.1 | 36.6 |
Unbilled contract revenue (note 3.2) | 337.7 | 365.1 |
Derivative assets (note 5.3) | 11.5 | 27.2 |
Value added tax assets | 72.5 | 84.9 |
Prepaid expenses and other receivables | 181.8 | 192.5 |
Total | 641.0 | 709.3 |
Provision for | Provision | |||||
Provision | Provision | business | for loss | Other | ||
Jan 1\u2013Dec 31, 2023, MEUR | for warranty | for claims | restructuring | contracts | provisions | Total |
Total provisions at beginning of period | 64.8 | 8.4 | 14.9 | 46.2 | 43.0 | 177.4 |
Translation differences | -2.1 | -0.4 | -0.2 | -1.9 | -1.0 | -5.6 |
Increase | 27.9 | 2.5 | 30.8 | 41.1 | 21.1 | 123.3 |
Provisions used | -15.8 | -1.5 | -15.9 | -28.0 | -5.5 | -66.6 |
Reversal of provisions | -1.5 | -1.2 | -3.3 | -9.3 | -17.7 | -33.0 |
Companies acquired | 0.6 | 0.4 | - | 0.2 | 0.2 | 1.4 |
Total provisions at end of period | 74.0 | 8.2 | 26.4 | 48.3 | 40.0 | 196.9 |
Non-current liabilities | Current liabilities | Total | |
Distribution of provisions as of Dec 31, 2023 | 46.5 |
Provision for | Provision | |||||
Provision | Provision | business | for loss | Other | ||
Jan 1\u2013Dec 31, 2022, MEUR | for warranty | for claims | restructuring | contracts | provisions | Total |
Total provisions at beginning of period | 58.8 | 7.4 | 16.0 | 31.4 | 38.6 | 152.3 |
Translation differences | -0.6 | 0.0 | 0.2 | -0.3 | 0.1 | -0.7 |
Increase | 19.9 | 4.2 | 10.9 | 32.7 | 38.0 | 105.7 |
Provisions used | -11.8 | -1.3 | -10.7 | -13.9 | -8.5 | -46.1 |
Reversal of provisions | -1.5 | -2.0 | -1.5 | -3.7 | -25.8 | -34.4 |
Companies acquired | - | - | - | - | 0.6 | 0.6 |
Total provisions at end of period | 64.8 | 8.4 | 14.9 | 46.2 | 43.0 | 177.4 |
Non-current liabilities | Current liabilities | Total | |
Distribution of provisions as of Dec 31, 2022 | 44.8 | 132.6 | 177.4 |
Deferred tax assets, MEUR | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
Tax losses carried forward | 1.2 | 1.1 | 1.7 |
Provisions and accruals | 297.3 | 270.2 | 267.8 |
Post retirement obligations | 9.2 | 15.9 | 28.6 |
Inventory | 30.0 | 23.9 | 23.5 |
Property, plant and equipment | 13.3 | 13.2 | 16.0 |
Other temporary differences | 87.3 | 90.0 | 42.8 |
Offset against deferred tax liabilities | -118.1 | -106.7 | -111.3 |
Total | 320.2 | 307.5 | 269.1 |
Total at beginning of period | 307.5 | 269.1 | |
Translation differences | -16.7 | -4.4 | |
Change in statement of income | 21.2 | 25.9 | |
Charged or credited to equity | 2.0 | 16.9 | |
Acquisitions, divestments and other | 6.1 | 0.1 | |
Total at end of period | 320.2 | 307.5 |
Deferred tax liabilities, MEUR | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
Property, plant and equipment | 22.7 | 21.5 | 29.3 |
Goodwill and intangible assets | 88.1 | 85.3 | 72.2 |
Other temporary differences | 93.6 | 84.7 | 96.7 |
Offset against deferred tax assets | -118.1 | -106.7 | -111.3 |
Total | 86.3 | 84.8 | 86.9 |
Total at beginning of period | 84.8 | 86.9 | |
Translation difference | 5.0 | 2.5 | |
Change in statement of income | -24.2 | -7.9 | |
Acquisitions, divestments and other | 20.8 | 3.3 | |
Total at end of period | 86.3 | 84.8 | |
Net deferred tax assets and liabilities | 233.9 | 222.7 |
Assets and liabilities of the acquired businesses, MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Customer related intangibles | 109.0 | 26.2 |
Other intangible assets | 0.1 | 0.0 |
Tangible assets | 7.7 | 0.4 |
Deferred tax assets | 6.1 | 0.1 |
Inventories | 7.9 | 1.5 |
Accounts receivables and other assets | 20.2 | 2.6 |
Cash and cash equivalents | 8.7 | 2.4 |
Total assets | 159.7 | 33.1 |
Employee benefit liabilities | 0.7 | 0.2 |
Interest-bearing loans | 4.9 | 2.5 |
Provisions | 1.4 | 0.6 |
Deferred tax liabilities | 20.8 | 3.3 |
Other liabilities | 23.6 | 2.2 |
Total liabilities | 51.3 | 8.9 |
Net assets | 108.4 | 24.2 |
Acquisition cost paid in cash | 168.5 | 19.1 |
Contingent and deferred consideration | 21.8 | 9.1 |
Acquisition cost at date of acquisitions | 190.3 | 28.1 |
Goodwill | 82.0 | 4.0 |
Discount rates used | Discount rates used | |||||
Goodwill, MEUR | Dec 31, 2023 | % | (pre-tax), % | Dec 31, 2022 | % | (pre-tax), % |
EMEA | 888.7 | 60 | 8.17 | 809.5 | 57 | 8.23 |
Americas | 356.3 | 24 | 10.22 | 368.1 | 26 | 10.05 |
Asia-Pacific | 224.0 | 15 | 9.81 | 237.1 | 17 | 10.17 |
Total | 1,469.0 | 1,414.7 |
Goodwill reconciliation | ||
Goodwill, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Opening net book value | 1,414.7 | 1,405.2 |
Translation differences | -27.6 | 8.2 |
Increase | - | 3.5 |
Decrease | - | -6.1 |
Companies acquired (note 4.1) | 82.0 | 4.0 |
Closing net book value | 1,469.0 | 1,414.7 |
Jan 1\u2013Dec 31, 2023 | |||
Customer related | |||
Intangible assets, MEUR | intangibles | Other | Total |
Opening gross acquisition cost | 501.6 | 256.2 | 757.8 |
Opening accumulated amortization and impairment | -325.4 | -224.2 | -549.6 |
Opening net book value | 176.3 | 31.9 | 208.2 |
Opening net book value | 176.3 | 31.9 | 208.2 |
Translation differences | -1.2 | -1.2 | -2.4 |
Increase | 3.8 | 26.5 | 30.3 |
Decrease | -0.4 | -0.4 | -0.8 |
Reclassifications | - | 0.1 | 0.1 |
Companies acquired (note 4.1) | 109.0 | 0.1 | 109.1 |
Amortization | -47.0 | -10.3 | -57.3 |
Closing net book value | 240.6 | 46.6 | 287.2 |
Closing gross acquisition cost | 612.9 | 279.1 | 892.0 |
Closing accumulated amortization and impairment | -372.3 | -232.5 | -604.8 |
Closing net book value | 240.6 |
Jan 1\u2013Dec 31, 2022 | |||
Intangible assets, MEUR | Maintenance contracts | Other | Total |
Opening gross acquisition cost | 471.6 | 260.1 | 731.7 |
Opening accumulated amortization and impairment | -285.9 | -229.0 | -514.9 |
Opening net book value | 185.8 | 31.1 | 216.9 |
Opening net book value | 185.8 | 31.1 | 216.9 |
Translation differences | 0.3 | -0.5 | -0.2 |
Increase | 3.7 | 10.9 | 14.6 |
Decrease | -0.2 | 0.0 | -0.2 |
Reclassifications | - | 0.4 | 0.4 |
Companies acquired (note 4.1) | 26.2 | 0.0 | 26.2 |
Amortization | -39.5 | -10.0 | -49.5 |
Closing net book value | 176.3 | 31.9 | 208.2 |
Closing gross acquisition cost | 501.6 | 256.2 | 757.8 |
Closing accumulated amortization and impairment | -325.4 | -224.2 | -549.6 |
Discount rates used | Discount rates used | |||||
Goodwill, MEUR | Dec 31, 2023 | % | (pre-tax), % | Dec 31, 2022 | % | (pre-tax), % |
EMEA | 888.7 | 60 | 8.17 | 809.5 | 57 | 8.23 |
Americas | 356.3 | 24 | 10.22 | 368.1 | 26 | 10.05 |
Asia-Pacific | 224.0 | 15 | 9.81 | 237.1 | 17 | 10.17 |
Total | 1,469.0 | 1,414.7 |
Goodwill reconciliation | ||
Goodwill, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Opening net book value | 1,414.7 | 1,405.2 |
Translation differences | -27.6 | 8.2 |
Increase | - | 3.5 |
Decrease | - | -6.1 |
Companies acquired (note 4.1) | 82.0 | 4.0 |
Closing net book value | 1,469.0 | 1,414.7 |
Jan 1\u2013Dec 31, 2023 | |||
Customer related | |||
Intangible assets, MEUR | intangibles | Other | Total |
Opening gross acquisition cost | 501.6 | 256.2 | 757.8 |
Opening accumulated amortization and impairment | -325.4 | -224.2 | -549.6 |
Opening net book value | 176.3 | 31.9 | 208.2 |
Opening net book value | 176.3 | 31.9 | 208.2 |
Translation differences | -1.2 | -1.2 | -2.4 |
Increase | 3.8 | 26.5 | 30.3 |
Decrease | -0.4 | -0.4 | -0.8 |
Reclassifications | - | 0.1 | 0.1 |
Companies acquired (note 4.1) | 109.0 | 0.1 | 109.1 |
Amortization | -47.0 | -10.3 | -57.3 |
Closing net book value | 240.6 | 46.6 | 287.2 |
Closing gross acquisition cost | 612.9 | 279.1 | 892.0 |
Closing accumulated amortization and impairment | -372.3 | -232.5 | -604.8 |
Closing net book value | 240.6 |
Jan 1\u2013Dec 31, 2022 | |||
Intangible assets, MEUR | Maintenance contracts | Other | Total |
Opening gross acquisition cost | 471.6 | 260.1 | 731.7 |
Opening accumulated amortization and impairment | -285.9 | -229.0 | -514.9 |
Opening net book value | 185.8 | 31.1 | 216.9 |
Opening net book value | 185.8 | 31.1 | 216.9 |
Translation differences | 0.3 | -0.5 | -0.2 |
Increase | 3.7 | 10.9 | 14.6 |
Decrease | -0.2 | 0.0 | -0.2 |
Reclassifications | - | 0.4 | 0.4 |
Companies acquired (note 4.1) | 26.2 | 0.0 | 26.2 |
Amortization | -39.5 | -10.0 | -49.5 |
Closing net book value | 176.3 | 31.9 | 208.2 |
Closing gross acquisition cost | 501.6 | 256.2 | 757.8 |
Closing accumulated amortization and impairment | -325.4 | -224.2 | -549.6 |
Jan 1\u2013Dec 31, 2023 | ||||||||
Tangible assets, MEUR | ||||||||
Opening gross acquisition cost | 5.9 | 336.7 | 403.6 | 714.2 | 249.5 | 25.3 | 1.6 | 1,736.9 |
Opening accumulated depreciation | - | -164.6 | -212.8 | -515.9 | -126.7 | - | - | -1,020.0 |
Opening net book value | 5.9 | 172.1 | 190.8 | 198.3 | 122.8 | 25.3 | 1.6 | 716.8 |
Opening net book value | 5.9 | 172.1 | 190.8 | 198.3 | 122.8 | 25.3 | 1.6 | 716.8 |
Translation differences | 0.0 | -5.7 | -4.7 | -5.9 | -2.1 | -0.6 | -0.3 | -19.2 |
Increase | - | 16.7 | 72.0 | 68.6 | 89.1 | 45.4 | 4.0 | 295.9 |
Decrease | 0.0 | -0.8 | -4.0 | -1.6 | 0.0 | -2.7 | -0.2 | -9.2 |
Reclassifications | - | 10.3 | 0.0 | 8.6 | 0.0 | -16.9 | -2.0 | 0.0 |
Companies acquired (note 4.1) | - | 0.0 | 4.0 | 2.3 | 0.9 | - | 0.4 | 7.7 |
Depreciation | - | -15.0 | -65.7 | -66.7 | -64.7 | - | - | -212.1 |
Closing net book value | 5.9 | 177.8 | 192.3 | 203.5 | 146.0 | 50.5 | 3.6 | 779.7 |
Closing gross acquisition cost | 5.9 | 350.9 | 435.6 | 750.8 | 280.4 | 50.5 | 3.6 | 1,877.8 |
Closing accumulated depreciation | - | -173.1 | -243.3 | -547.3 | -134.3 | - | - | -1,098.1 |
Closing net book value | 5.9 | 177.8 | 192.3 | 203.5 | 146.0 | 50.5 | 3.6 | 779.7 |
Jan 1\u2013Dec 31, 2022 | ||||||||
Tangible assets, MEUR | ||||||||
Opening gross acquisition cost | 6.7 | 333.3 | 365.5 | 664.4 | 232.2 | 11.5 | 3.5 | 1,617.1 |
Opening accumulated depreciation | - | -152.2 | -154.1 | -464.5 | -109.6 | - | - | -880.4 |
Opening net book value | 6.7 | 181.1 | 211.4 | 199.9 | 122.6 | 11.5 | 3.5 | 736.7 |
Opening net book value | 6.7 | 181.1 | 211.4 | 199.9 | 122.6 | 11.5 | 3.5 | 736.7 |
Translation differences | 0.0 | -1.6 | 1.9 | -0.5 | 0.8 | -0.4 | 0.0 | 0.2 |
Increase | - | 7.0 | 44.5 | 58.9 | 62.9 | 23.3 | 1.6 | 198.4 |
Decrease | -0.8 | -2.1 | -3.4 | -1.5 | -0.8 | -0.1 | - | -8.7 |
Reclassifications | - | 2.7 | 0.0 | 9.3 | 0.0 | -8.9 | -3.6 | -0.4 |
Companies acquired (note 4.1) | - | - | - | 0.2 | 0.2 | - | - | 0.4 |
Depreciation | 0.0 | -15.0 | -63.8 | -68.1 | -62.9 | - | - | -209.8 |
Closing net book value | 5.9 | 172.1 | 190.8 | 198.3 | 122.8 | 25.3 | 1.6 | 716.8 |
Closing gross acquisition cost | 5.9 | 336.7 | 403.6 | 714.2 | 249.5 | 25.3 | 1.6 | 1,736.9 |
Closing accumulated depreciation | - | -164.6 | -212.8 | -515.9 | -126.7 | - | - | -1,020.0 |
Closing net book value | 5.9 | 172.1 | 190.8 | 198.3 | 122.8 | 25.3 | 1.6 | 716.8 |
Capital management, MEUR | 2023 | 2022 | 2021 | 2020 | 2019 |
Assets employed | |||||
Goodwill and shares | 1,567 | 1,536 | 1,550 | 1,470 | 1,506 |
Other non-current assets \u00b9\u207e | 1,067 | 925 | 954 | 933 | 990 |
Net working capital | -861 | -904 | -1,468 | -1,160 | -856 |
Total assets employed | 1,773 | 1,557 | 1,035 | 1,243 | 1,640 |
Capital | |||||
Equity | 2,786 | 2,867 | 3,199 | 3,197 | 3,193 |
Interest-bearing net debt | -1,013 | -1,309 | -2,164 | -1,954 | -1,553 |
Total capital | 1,773 | 1,557 | 1,035 | 1,243 | 1,640 |
Gearing | -36.4% | -45.7% | -67.6% | -61.1% | -48.6% |
Equity ratio | 40.9% | 40.3% | 41.2% | 45.5% | 46.5% |
MEUR | Dec 31, 2023 | Dec 31, 2022 |
USA | 501.2 | 477.0 |
China | 434.7 | 466.4 |
Germany | 329.3 | 212.8 |
Spain | 258.9 | 244.1 |
France | 198.0 | 201.5 |
Finland | 194.6 | 167.2 |
Other | 1,050.1 | 1,012.4 |
Total | 2,966.8 | 2,781.3 |
Number of shares | Acquisition cost, MEUR | |
Jan 1, 2023 | 12,306,640 | 236.6 |
Distributed to the share-based incentive plan, January | -121,084 | -5.3 |
Distributed to the share-based incentive plan, April | -7,912 | -0.3 |
Distributed to the share-based incentive plan, June | -18,485 | -0.8 |
Dec 31, 2023 | 12,159,159 | 230.2 |
Jan 1, 2022 | 11,433,525 | 198.6 |
Distributed to the share-based incentive plan, February | -218,091 | -12.1 |
Returned from the share-based incentive plan, February | 9,518 | 0.4 |
Distributed as the annual compensation of the Board, April | -7,664 | -0.5 |
Returned from the share-based incentive plan, April | 1,269 | 0.0 |
Returned from the share-based incentive plan, July | 2,468 | 0.1 |
Purchase, November | 150,000 | 6.3 |
Purchase, November | 120,000 | 5.3 |
Purchase, November | 100,000 | 4.4 |
Purchase, November | 50,000 | 2.2 |
Purchase, November | 130,000 | 5.9 |
Purchase, November | 130,000 | 6.0 |
Purchase, November | 150,000 | 7.4 |
Purchase, November | 150,000 | 7.5 |
Purchase, November | 103,500 | 5.0 |
Returned from the share-based incentive plan, December | 2,115 | 0.1 |
Dec 31, 2022 | 12,306,640 | 236.6 |
Reconciliation of own shares, Dec 31, 2023 | |||
KONE Corporation and Group total | Quantity | Acquisition cost | Average price |
Dec 31, 2022 | 12,306,640 | 236,636,393.03 | 19.23 |
January 27, 2023 | -121,084 | -5,300,177.74 | 43.77 |
April 27, 2023 | -7,912 | -330,947.48 | 41.83 |
June 19, 2023 | -18,485 | -773,200.73 | 41.83 |
Dec 31, 2023 | 12,159,159 | 230,232,067.08 | 18.93 |
Maturity analysis of financial liabilities and interest payments | ||||||||
Dec 31, 2023 | Dec 31, 2022 | |||||||
MEUR | < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total |
Interest-bearing debt | ||||||||
Loans | - | -200.0 | -0.4 | -200.4 | - | -200.0 | - | -200.0 |
Lease liabilities | -110.9 | -206.1 | -32.2 | -349.1 | -106.1 | -186.3 | -31.6 | -324.0 |
Current loans and other liabilities | -2.2 | - | - | -2.2 | - | - | - | - |
Used bank overdraft limits | -0.8 | - | - | -0.8 | -8.6 | - | - | -8.6 |
Option liabilities from acquisitions | - | -2.3 | - | -2.3 | - | -1.3 | - | -1.3 |
Employee benefit liabilities | - | - | -132.9 | -132.9 | - | - | -140.0 | -140.0 |
Non-interest-bearing debt | ||||||||
Accounts payable | -927.0 | - | - | -927.0 | -1,132.8 | - | - | -1,132.8 |
Derivatives | ||||||||
Capital inflow | 3,118.0 | 164.3 | - | 3,282.3 | 2,856.0 | 118.4 | 0.4 | 2,974.8 |
Capital outflow | -3,135.0 | -168.8 | - | -3,303.8 | -2,866.6 | -117.6 | -0.4 | -2,984.6 |
Interest payments | -12.1 | -17.5 | -3.2 | -32.8 | -7.8 | -11.9 | -0.5 | -20.2 |
Net outflow | -1,070.0 | -430.4 | -168.7 | -1,669.1 | -1,265.8 | -398.7 | -172.1 | -1,836.6 |
Dec 31, 2023 | Dec 31, 2022 | |||
| Derivative | ||||
Fair values of derivative financial instruments, MEUR | Derivative assets | liabilities | Fair value, net | Fair value, net |
Foreign exchange derivatives | ||||
In cash flow hedge accounting | 5.2 | -18.4 | -13.2 | 6.2 |
In net investment hedge accounting | 0.6 | -0.5 | 0.0 | -0.8 |
Other foreign exchange hedges | 5.8 | -9.6 | -3.9 | -11.0 |
Total | 11.5 | -28.5 | -17.0 | -5.4 |
Nominal values of derivative financial instruments, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Foreign exchange derivatives | ||
In cash flow hedge accounting | 1,114.3 | 1,009.7 |
In net investment hedge accounting | 437.9 | 224.0 |
Other foreign exchange hedges | 1,730.2 | 1,741.2 |
Total | 3,282.3 | 2,974.8 |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2023 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | 5.4 | 97.9 | 97.9 | |||
Non-current loans receivable | I | 5.5 | 3.5 | 3.5 | ||
Current assets | ||||||
Accounts receivable | 2,495.1 | 2,495.1 | ||||
Derivative assets | 5.7 | 5.8 | 11.5 | |||
Current deposits and loans receivable | I | 5.5 | 972.0 | 291.9 | 1,263.9 | |
Cash and cash equivalents | I | 424.5 | 424.5 | |||
Total financial assets | 977.7 | 3,215.0 | 103.7 | 4,296.4 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.4 | 200.4 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 3.0 | 3.0 | |||
Option liabilities from acquisitions | I | 2.3 | 2.3 | |||
Accounts payable | 927.0 | 927.0 | ||||
Derivative liabilities | 9.6 | 19.0 | 28.6 | |||
Total financial liabilities | 11.9 | 1,130.5 | 19.0 | 1,161.3 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 238.3 million. | ||||||
\u00b2 \u207e Excluding current lease liabilities of EUR 110.9 million. |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2022 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | I | 5.4 | 121.7 | 121.7 | ||
Non-current loans receivable | I | 5.5 | 2.5 | 2.5 | ||
Current assets | ||||||
Accounts receivable | 2,668.1 | 2,668.1 | ||||
Derivative assets | 6.4 | 20.8 | 27.2 | |||
Current deposits and loans receivable | I | 5.5 | 820.8 | 654.1 | 1,474.9 | |
Cash and cash equivalents | I | 495.5 | 495.5 | |||
Total financial assets | 827.2 | 3,820.2 | 142.5 | 4,790.0 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.0 | 200.0 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 8.6 | 8.6 | |||
Option liabilities from acquisitions | I | 1.3 | 1.3 | |||
Accounts payable | 1,132.8 | 1,132.8 | ||||
Derivative liabilities | 17.3 | 15.4 | 32.7 | |||
Total financial liabilities | 18.7 | 1,341.4 | 15.4 | 1,375.4 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 217.9 million. | ||||||
\u00b2 \u207e Excluding current liabilities of EUR 106.1 million. |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2023 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | 5.4 | 97.9 | 97.9 | |||
Non-current loans receivable | I | 5.5 | 3.5 | 3.5 | ||
Current assets | ||||||
Accounts receivable | 2,495.1 | 2,495.1 | ||||
Derivative assets | 5.7 | 5.8 | 11.5 | |||
Current deposits and loans receivable | I | 5.5 | 972.0 | 291.9 | 1,263.9 | |
Cash and cash equivalents | I | 424.5 | 424.5 | |||
Total financial assets | 977.7 | 3,215.0 | 103.7 | 4,296.4 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.4 | 200.4 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 3.0 | 3.0 | |||
Option liabilities from acquisitions | I | 2.3 | 2.3 | |||
Accounts payable | 927.0 | 927.0 | ||||
Derivative liabilities | 9.6 | 19.0 | 28.6 | |||
Total financial liabilities | 11.9 | 1,130.5 | 19.0 | 1,161.3 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 238.3 million. | ||||||
\u00b2 \u207e Excluding current lease liabilities of EUR 110.9 million. |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2022 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | I | 5.4 | 121.7 | 121.7 | ||
Non-current loans receivable | I | 5.5 | 2.5 | 2.5 | ||
Current assets | ||||||
Accounts receivable | 2,668.1 | 2,668.1 | ||||
Derivative assets | 6.4 | 20.8 | 27.2 | |||
Current deposits and loans receivable | I | 5.5 | 820.8 | 654.1 | 1,474.9 | |
Cash and cash equivalents | I | 495.5 | 495.5 | |||
Total financial assets | 827.2 | 3,820.2 | 142.5 | 4,790.0 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.0 | 200.0 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 8.6 | 8.6 | |||
Option liabilities from acquisitions | I | 1.3 | 1.3 | |||
Accounts payable | 1,132.8 | 1,132.8 | ||||
Derivative liabilities | 17.3 | 15.4 | 32.7 | |||
Total financial liabilities | 18.7 | 1,341.4 | 15.4 | 1,375.4 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 217.9 million. | ||||||
\u00b2 \u207e Excluding current liabilities of EUR 106.1 million. |
Dec 31, 2023 | Dec 31, 2022 | |||
| Derivative | ||||
Fair values of derivative financial instruments, MEUR | Derivative assets | liabilities | Fair value, net | Fair value, net |
Foreign exchange derivatives | ||||
In cash flow hedge accounting | 5.2 | -18.4 | -13.2 | 6.2 |
In net investment hedge accounting | 0.6 | -0.5 | 0.0 | -0.8 |
Other foreign exchange hedges | 5.8 | -9.6 | -3.9 | -11.0 |
Total | 11.5 | -28.5 | -17.0 | -5.4 |
Nominal values of derivative financial instruments, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Foreign exchange derivatives | ||
In cash flow hedge accounting | 1,114.3 | 1,009.7 |
In net investment hedge accounting | 437.9 | 224.0 |
Other foreign exchange hedges | 1,730.2 | 1,741.2 |
Total | 3,282.3 | 2,974.8 |
Dec 31, 2023 | Dec 31, 2022 | |||
| Derivative | ||||
Fair values of derivative financial instruments, MEUR | Derivative assets | liabilities | Fair value, net | Fair value, net |
Foreign exchange derivatives | ||||
In cash flow hedge accounting | 5.2 | -18.4 | -13.2 | 6.2 |
In net investment hedge accounting | 0.6 | -0.5 | 0.0 | -0.8 |
Other foreign exchange hedges | 5.8 | -9.6 | -3.9 | -11.0 |
Total | 11.5 | -28.5 | -17.0 | -5.4 |
Nominal values of derivative financial instruments, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Foreign exchange derivatives | ||
In cash flow hedge accounting | 1,114.3 | 1,009.7 |
In net investment hedge accounting | 437.9 | 224.0 |
Other foreign exchange hedges | 1,730.2 | 1,741.2 |
Total | 3,282.3 | 2,974.8 |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2023 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | 5.4 | 97.9 | 97.9 | |||
Non-current loans receivable | I | 5.5 | 3.5 | 3.5 | ||
Current assets | ||||||
Accounts receivable | 2,495.1 | 2,495.1 | ||||
Derivative assets | 5.7 | 5.8 | 11.5 | |||
Current deposits and loans receivable | I | 5.5 | 972.0 | 291.9 | 1,263.9 | |
Cash and cash equivalents | I | 424.5 | 424.5 | |||
Total financial assets | 977.7 | 3,215.0 | 103.7 | 4,296.4 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.4 | 200.4 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 3.0 | 3.0 | |||
Option liabilities from acquisitions | I | 2.3 | 2.3 | |||
Accounts payable | 927.0 | 927.0 | ||||
Derivative liabilities | 9.6 | 19.0 | 28.6 | |||
Total financial liabilities | 11.9 | 1,130.5 | 19.0 | 1,161.3 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 238.3 million. | ||||||
\u00b2 \u207e Excluding current lease liabilities of EUR 110.9 million. |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2022 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | I | 5.4 | 121.7 | 121.7 | ||
Non-current loans receivable | I | 5.5 | 2.5 | 2.5 | ||
Current assets | ||||||
Accounts receivable | 2,668.1 | 2,668.1 | ||||
Derivative assets | 6.4 | 20.8 | 27.2 | |||
Current deposits and loans receivable | I | 5.5 | 820.8 | 654.1 | 1,474.9 | |
Cash and cash equivalents | I | 495.5 | 495.5 | |||
Total financial assets | 827.2 | 3,820.2 | 142.5 | 4,790.0 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.0 | 200.0 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 8.6 | 8.6 | |||
Option liabilities from acquisitions | I | 1.3 | 1.3 | |||
Accounts payable | 1,132.8 | 1,132.8 | ||||
Derivative liabilities | 17.3 | 15.4 | 32.7 | |||
Total financial liabilities | 18.7 | 1,341.4 | 15.4 | 1,375.4 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 217.9 million. | ||||||
\u00b2 \u207e Excluding current liabilities of EUR 106.1 million. |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2023 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | 5.4 | 97.9 | 97.9 | |||
Non-current loans receivable | I | 5.5 | 3.5 | 3.5 | ||
Current assets | ||||||
Accounts receivable | 2,495.1 | 2,495.1 | ||||
Derivative assets | 5.7 | 5.8 | 11.5 | |||
Current deposits and loans receivable | I | 5.5 | 972.0 | 291.9 | 1,263.9 | |
Cash and cash equivalents | I | 424.5 | 424.5 | |||
Total financial assets | 977.7 | 3,215.0 | 103.7 | 4,296.4 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.4 | 200.4 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 3.0 | 3.0 | |||
Option liabilities from acquisitions | I | 2.3 | 2.3 | |||
Accounts payable | 927.0 | 927.0 | ||||
Derivative liabilities | 9.6 | 19.0 | 28.6 | |||
Total financial liabilities | 11.9 | 1,130.5 | 19.0 | 1,161.3 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 238.3 million. | ||||||
\u00b2 \u207e Excluding current lease liabilities of EUR 110.9 million. |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2022 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | I | 5.4 | 121.7 | 121.7 | ||
Non-current loans receivable | I | 5.5 | 2.5 | 2.5 | ||
Current assets | ||||||
Accounts receivable | 2,668.1 | 2,668.1 | ||||
Derivative assets | 6.4 | 20.8 | 27.2 | |||
Current deposits and loans receivable | I | 5.5 | 820.8 | 654.1 | 1,474.9 | |
Cash and cash equivalents | I | 495.5 | 495.5 | |||
Total financial assets | 827.2 | 3,820.2 | 142.5 | 4,790.0 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.0 | 200.0 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 8.6 | 8.6 | |||
Option liabilities from acquisitions | I | 1.3 | 1.3 | |||
Accounts payable | 1,132.8 | 1,132.8 | ||||
Derivative liabilities | 17.3 | 15.4 | 32.7 | |||
Total financial liabilities | 18.7 | 1,341.4 | 15.4 | 1,375.4 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 217.9 million. | ||||||
\u00b2 \u207e Excluding current liabilities of EUR 106.1 million. |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2023 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | 5.4 | 97.9 | 97.9 | |||
Non-current loans receivable | I | 5.5 | 3.5 | 3.5 | ||
Current assets | ||||||
Accounts receivable | 2,495.1 | 2,495.1 | ||||
Derivative assets | 5.7 | 5.8 | 11.5 | |||
Current deposits and loans receivable | I | 5.5 | 972.0 | 291.9 | 1,263.9 | |
Cash and cash equivalents | I | 424.5 | 424.5 | |||
Total financial assets | 977.7 | 3,215.0 | 103.7 | 4,296.4 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.4 | 200.4 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 3.0 | 3.0 | |||
Option liabilities from acquisitions | I | 2.3 | 2.3 | |||
Accounts payable | 927.0 | 927.0 | ||||
Derivative liabilities | 9.6 | 19.0 | 28.6 | |||
Total financial liabilities | 11.9 | 1,130.5 | 19.0 | 1,161.3 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 238.3 million. | ||||||
\u00b2 \u207e Excluding current lease liabilities of EUR 110.9 million. |
| Measured at fair | ||||||
| Measured at | value through | |||||
| fair value | Measured at | other | ||||
| through profit | amortized | comprehensive | Total book | |||
Dec 31, 2022 | Notes | or loss | cost | income | value | |
Non-current assets | ||||||
Shares and other non-current financial assets | I | 5.4 | 121.7 | 121.7 | ||
Non-current loans receivable | I | 5.5 | 2.5 | 2.5 | ||
Current assets | ||||||
Accounts receivable | 2,668.1 | 2,668.1 | ||||
Derivative assets | 6.4 | 20.8 | 27.2 | |||
Current deposits and loans receivable | I | 5.5 | 820.8 | 654.1 | 1,474.9 | |
Cash and cash equivalents | I | 495.5 | 495.5 | |||
Total financial assets | 827.2 | 3,820.2 | 142.5 | 4,790.0 | ||
Non-current liabilities \u00b9\u207e | ||||||
Loans | I | 200.0 | 200.0 | |||
Current liabilities | ||||||
Other interest-bearing liabilities \u00b2\u207e | I | 8.6 | 8.6 | |||
Option liabilities from acquisitions | I | 1.3 | 1.3 | |||
Accounts payable | 1,132.8 | 1,132.8 | ||||
Derivative liabilities | 17.3 | 15.4 | 32.7 | |||
Total financial liabilities | 18.7 | 1,341.4 | 15.4 | 1,375.4 | ||
\u00b9 \u207e Excluding non-current lease liabilities of EUR 217.9 million. | ||||||
\u00b2 \u207e Excluding current liabilities of EUR 106.1 million. |
Other post-employment | ||||||||
Defined benefit plan liability | benefit liability | Fair value of plan assets | Net defined benefit balance | |||||
MEUR | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 |
Balance at beginning of period | 519.2 | 714.5 | 8.9 | 7.1 | 398.2 | 550.2 | 130.0 | 171.4 |
Current service costs | 17.3 | 20.5 | 0.2 | 0.2 | - | - | 17.4 | 20.7 |
Interest expense | 23.3 | 14.3 | 0.4 | 0.2 | - | - | 23.6 | 14.5 |
Interest income | - | - | - | - | 18.7 | 11.6 | -18.7 | -11.6 |
Other | -3.8 | -1.5 | - | - | -3.0 | -2.9 | -0.8 | 1.5 |
Components of defined benefit costs recognized | 36.8 | 33.4 | 0.5 | 0.4 | 15.7 | 8.7 | 21.6 | 25.1 |
in the consolidated statements of income | ||||||||
Return on plan assets, excluding interest income | - | - | - | - | 5.0 | -151.4 | -5.0 | 151.4 |
Remeasurements | 12.2 | -184.0 | -1.1 | 1.6 | - | - | 11.1 | -182.4 |
Remeasurements recognized in the consolidated | 12.2 | -184.0 | -1.1 | 1.6 | 5.0 | -151.4 | 6.1 | -31.1 |
statements of comprehensive income | ||||||||
Employer contributions | - | - | - | - | 26.0 | 29.0 | -26.0 | -29.0 |
Plan participants\u2019 contributions | 2.0 | 1.9 | 0.2 | 0.2 | 2.2 | 2.2 | - | - |
Benefits paid | -35.0 | -46.7 | -0.8 | -0.8 | -28.9 | -39.1 | -6.9 | -8.4 |
Settlement payments | -0.3 | - | - | - | - | - | -0.3 | - |
Business combinations, disposals and other | 0.7 | 0.2 | - | - | - | - | 0.7 | 0.2 |
Foreign currency translation effects | -0.7 | 0.0 | -0.3 | 0.4 | 0.4 | -1.4 | -1.3 | 1.8 |
Other reconciling items | -33.2 | -44.6 | -0.9 | -0.1 | -0.2 | -9.3 | -33.9 | -35.4 |
Balance at end of period | 535.1 | 519.2 | 7.5 | 8.9 | 418.7 | 398.2 | 123.9 | 130.0 |
Present value of unfunded obligations | 86.1 | 84.2 | 7.5 | 8.9 | - | - | 93.6 | 93.2 |
Present value of funded obligations | 449.0 | 435.0 | - | - | - | - | 449.0 | 435.0 |
Fair value of benefit plans' assets | - | - | - | - | 418.7 | 398.2 | -418.7 | -398.2 |
Total | 535.1 | 519.2 | 7.5 | 8.9 | 418.7 | 398.2 | 123.9 |
Fair values of major classes of plan assets, MEUR | Dec 31, 2023 | Dec 31, 2022 |
Fair value of plan assets with a quoted market price | 388.6 | 369.3 |
Other | 30.1 | 28.9 |
Total | 418.7 |
Amounts recognized in the statement of income, | ||
MEUR | Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 |
Defined contribution pension plans | 323.5 | 313.0 |
Defined benefit pension plans | 21.1 | 24.7 |
Other post-employment benefits | 0.5 | 0.4 |
Total | 345.0 |
Defined benefit plans: assumptions used in calculating | Dec 31, 2023 | Dec 31, 2022 | ||
benefit obligations | Europe | USA | Europe | USA |
Discount rate, % | 3.20 | 4.85 | 4.33 | 5.03 |
Future salary increase, % | 2.4 | 4.0 | 2.6 | 4.0 |
Future pension increase, % | 0.6 | - | 1.4 | 0.0 |
Sensitivity of the defined benefit obligation to changes | Impact on defined benefit obligation | |
in actuarial assumptions | Dec 31, 2023 | Dec 31, 2022 |
Discount rate, +0.25 percentage points | -2.5% | -2.5% |
Discount rate, -0.25 percentage points | 2.7% | 2.7% |
Future pension increase, +0.25 percentage points | 1.0% | 1.2% |
Future pension increase, -0.25 percentage points | -1.0% | -1.2% |
Compensation paid to the President and CEO and to the members of the Executive Board | ||||
Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 | |||
The President & | The members of the | The members of the | ||
EUR, thousand | CEO \u00b9\u207e | Executive Board \u00b9\u207e | The President & CEO | Executive Board |
Base salary and benefits | 762.7 | 6,382.8 | 763.9 | 5,106.3 |
Annual short-term incentive \u00b2\u207e | 465.7 | 1,987.8 | 835.4 | 2,248.8 |
Long-term incentive plan \u00b3\u207e | - | 2,076.2 | - | 36.0 |
Total compensation | 1,228.4 | 10,446.7 | 1,599.3 | 7,391.2 |
The President and | The Executive Board | ||||
Performance | Vesting date | CEO - Maximum | - Maximum earning | ||
based long-term | Performance | pursuant to the | earning opportunity | opportunity (number | |
incentive plan | Period | plan rules | Performance Criteria | (number of shares) \u2074\u207e | of shares) \u2074\u207e \u2075\u207e |
January 2021 - | Adjusted EBIT Margin % and | ||||
LTI 2021 \u2076\u207e | December 2023 | January 2024 | Sales Growth | 53,541 | 235,578 |
Sustainability | |||||
January 2022 - | Adjusted EBIT Margin % and | ||||
LTI 2022 \u2077\u207e | December 2024 | January 2025 | Sales Growth | 58,243 | 250,445 |
Sustainability | |||||
Adjusted EBIT Margin % and | |||||
LTI 2023 \u2078\u207e | January 2023 - | January 2026 | Sales Growth | 74,642 | 296,081 |
December 2025 | |||||
Sustainability |
Compensation paid to the President and CEO and to the members of the Executive Board | ||||
Jan 1\u2013Dec 31, 2023 | Jan 1\u2013Dec 31, 2022 | |||
The President & | The members of the | The members of the | ||
EUR, thousand | CEO \u00b9\u207e | Executive Board \u00b9\u207e | The President & CEO | Executive Board |
Base salary and benefits | 762.7 | 6,382.8 | 763.9 | 5,106.3 |
Annual short-term incentive \u00b2\u207e | 465.7 | 1,987.8 | 835.4 | 2,248.8 |
Long-term incentive plan \u00b3\u207e | - | 2,076.2 | - | 36.0 |
Total compensation | 1,228.4 | 10,446.7 | 1,599.3 | 7,391.2 |
The President and | The Executive Board | ||||
Performance | Vesting date | CEO - Maximum | - Maximum earning | ||
based long-term | Performance | pursuant to the | earning opportunity | opportunity (number | |
incentive plan | Period | plan rules | Performance Criteria | (number of shares) \u2074\u207e | of shares) \u2074\u207e \u2075\u207e |
January 2021 - | Adjusted EBIT Margin % and | ||||
LTI 2021 \u2076\u207e | December 2023 | January 2024 | Sales Growth | 53,541 | 235,578 |
Sustainability | |||||
January 2022 - | Adjusted EBIT Margin % and | ||||
LTI 2022 \u2077\u207e | December 2024 | January 2025 | Sales Growth | 58,243 | 250,445 |
Sustainability | |||||
Adjusted EBIT Margin % and | |||||
LTI 2023 \u2078\u207e | January 2023 - | January 2026 | Sales Growth | 74,642 | 296,081 |
December 2025 | |||||
Sustainability |
Shareholding % | |||
Country/Region | Company | Group | Parent |
Andorra | KONE Ascensors i Escales, S.A. | 100 | company |
Australia | KONE Elevators Employee Benefits Pty Limited | 100 | |
KONE Elevators Pty Limited | 100 | ||
KONE Holdings (Australia) Limited | 100 | ||
Austria | KONE AG | 100 | 100 |
Bahrain | KONE Bahrain W.L.L. | 0 | |
KONE Elevators W.L.L. | 49 | ||
Belgium | KONE Belgium S.A. | 100 | 100 |
Bosnia and Herzegovina | KONE d.o.o. Sarajevo | 100 | |
Bulgaria | KONE EOOD | 100 | 100 |
Canada | KONE Inc. | 100 | 49 |
China mainland | Giant Kone Elevator Co., Ltd. | 100 | 40 |
KONE Elevator (Shanghai) Co., Ltd. | 100 | ||
KONE Elevators Co., Ltd. | 100 | ||
Kunshan KONE Industrial Machinery Co., Ltd. | 100 | 100 | |
Croatia | KONE d.o.o. | 100 | 100 |
Cyprus | KONE Elevators Cyprus Limited | 100 | 100 |
Czech Republic | KONE, a.s. | 100 | 100 |
KONE Industrial \u2013 koncern s.r.o. | 100 | 100 | |
Denmark | KONE A/S | 100 | 100 |
Egypt | KONE LLC | 100 | |
Estonia | AS KONE | 100 | 100 |
Finland | Finescal Oy | 100 | 100 |
KONE Digital Services Oy | 100 | 100 | |
KONE Export Oy | 100 | ||
KONE Hissit Oy | 100 | 100 | |
KONE Industrial Oy | 100 | 100 | |
France | 2STP S.A.S. | 100 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
| company | |||
Ascenseurs Portes Automatiques Arnaud S.A.S. | 100 | ||
Ascenseurs Soulier S.N.C. | 100 | ||
ATS-ATPE S.A.S. | 100 | ||
Automatismes du Mont Blanc S.A.S. | 100 | ||
Delta Ascenseurs S.A.S. | 100 | ||
KONE ATS S.A.S. | 100 | ||
KONE D\u00e9veloppement S.N.C. | 100 | ||
KONE Holding France S.A.S. | 100 | 100 | |
KONE S.A. | 100 | ||
Liftman S.A.S. | 100 | ||
Prokodis S.A.S. | 100 | ||
R.M.D. S.A.S. | 100 | ||
Technique & Mecanique des Elevateurs S.A.S. | 100 | ||
Germany | Alois Kasper GmbH | 100 | |
Aufzugstechnik Rhein Ruhr GmbH | 100 | ||
KONE Automatikt\u00fcren GmbH | 100 | ||
| KONE Escalator Supply Service Center Europe | 100 | ||
| GmbH | |||
KONE Garant Aufzug GmbH | 100 | ||
KONE GmbH | 100 | 100 | |
KONE Montage GmbH | 100 | ||
KONE Servicezentrale GmbH | 100 | ||
SK-F\u00f6rdertechnik GmbH | 100 | ||
Dresdner Aufzugsdienst GmbH | 100 | ||
ATB Aufzugtechnik Berlin GmbH | 100 | ||
ATH Beteiligungs-GmbH | 100 | ||
ATH Aufzugstechnik Heilbronn GmbH & Co. KG | 100 | ||
Matthias Schernikau GmbH | 100 | ||
Greece | KONE S.A. | 100 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
company | |||
Hong Kong SAR KONE Elevator (HK) Limited | 100 | ||
Shan On Engineering Company Limited | 100 | ||
Hungary | KONE Felvon\u00f3 Kft. | 100 | 100 |
Iceland | KONE ehf | 100 | 100 |
India | KONE Elevator India Private Limited | 100 | 100 |
Indonesia | PT KONE Indo Elevator | 100 | 1 |
PT. Mitra Indo Utama | 0 | ||
Ireland | Ennis Lifts Limited | 100 | |
KONE (Ireland) Limited | 100 | ||
Israel | KONE LTD | 100 | 100 |
Italy | Ascensori & Ascensori S.r.l. | 64 | |
Cerqueti Servizi S.r.l. | 100 | ||
Cofam S.r.l. | 100 | ||
CRON.UP S.r.l. | 80 | ||
Elevant Servizi S.r.l. | 70 | ||
Elevatori Bari S.r.l. | 89 | ||
Elevators S.r.l. | 60 | ||
Euroservice Merano S.r.l. | 90 | ||
Ferrara Ascensori S.r.l. | 60 | ||
Gianfranceschi Ascensori S.r.l. | 97 | ||
GSB Ascensori S.r.l. | 65 | ||
KONE Industrial S.p.A. | 100 | 100 | |
KONE S.p.A. | 100 | 27 | |
L.A.M. Lombarda Ascensori Montacarichi S.r.l. | 70 | ||
Mingot S.r.l. | 100 | ||
Nettuno S.r.l. | 75 | ||
Neulift S.p.A. | 100 | ||
Neulift Service Molise S.r.l. | 51 | ||
Neulift Service Triveneto S.r.l. | 100 | ||
Rimma S.r.l. | 60 | ||
Slimpa S.p.A. | 100 | ||
Tecnocram S.r.l. | 84 | ||
Tosca Ascensori S.r.l. | 67 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
company | |||
Unilift S.r.l. | 79 | ||
VITALI Ascensori srl | 100 | ||
Kazakhstan | KONE Kazakhstan LLP | 100 | |
Kenya | KONE Kenya Limited | 49 | |
Kuwait | Al Sabriyah Elevators & Escalators Company W.L.L | 49 | |
Latvia | SIA KONE Lifti Latvija | 100 | 1 |
Lithuania | UAB KONE | 100 | 100 |
Luxembourg | KONE Luxembourg S\u00e0rl | 100 | |
Macedonia | KONE Makedonija Dooel Skopje | 100 | |
Malaysia | KONE Elevator (M) Sdn. Bhd. | 30 | 30 |
Mexico | KONE Industrial, S.A. de C.V. | 100 | |
KONE Mexico, S.A. de C.V. | 100 | 0 | |
Monaco | S.A.M. KONE | 100 | |
Montenegro | KONE d.o.o. Podgorica | 100 | |
Morocco | KONE Elevators and Escalators S\u00e0rl AU | 100 | 100 |
Netherlands | Hissi B.V. | 100 | |
KONE B.V. | 100 | ||
KONE Deursystemen B.V. | 100 | ||
KONE Finance Holding B.V. | 100 | ||
KONE Holland B.V. | 100 | 100 | |
KONE Nederland Holding B.V. | 100 | ||
New Zealand | KONE Elevators (NZ) Limited | 100 | 100 |
Norway | KONE Aksjeselskap | 100 | 100 |
KONE Rulletrapper AS | 100 | 100 | |
Oman | KONE Assarain LLC | 70 | |
Philippines | Elevators Philippines Construction, Inc. | 40 | |
KPI Elevators, Inc. | 100 | ||
Poland | KONE Sp.z o.o. | 100 | 100 |
Portugal | KONE Portugal - Elevadores, Lda. | 100 | 1 |
AMVUP-Elevadores Unipessoal Lda | 100 | ||
DIGILEVA,Ascensores Unipessoal LDA | 100 | ||
Qatar | KONE Elevators W.L.L. | 49 | 49 |
Romania | KONE Ascensorul S.A. | 100 | 100 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
| company | |||
Saudi Arabia | KONE Areeco Limited | 50 | 10 |
KONE Regional Headquarters LLC | 100 | ||
Serbia | KONE d.o.o. Beograd-Novi Beograd | 100 | |
Singapore | KONE Pte Ltd | 100 | |
Slovak Republic KONE Business Services, s.r.o. | 100 | 100 | |
KONE s.r.o. | 100 | 100 | |
Slovenia | KONE d.o.o. | 100 | 100 |
South Africa | Addo Private Equity Fund 2 (Pty) Ltd | 100 | |
KONE Elevators South Africa (Pty) Ltd | 100 | ||
United Elevators (Pty) Ltd | 100 | ||
Spain | Ascensores Muguerza, S.A.U. | 100 | |
KONE Elevadores, S.A. | 100 | 100 | |
T\u00e9cnicas Autocontrol, S.L.U. | 100 | ||
Movilidad, Puertas y Servicios postventa S.L. | 100 | ||
ABI ELEVADORES BIMENES S.L. | 100 | ||
Ascensores Bidasoa S.L. | 100 | ||
Inmape Ascensores, S.L. | 100 | ||
Sweden | KONE AB | 100 | |
Switzerland | KONE (Schweiz) AG | 100 | 100 |
| Kang-En Taiwan Elevator Technology Service Co., | |||
Taiwan, China | Ltd | 100 | |
KONE Elevators Taiwan Co., Ltd | 100 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
| company | |||
Thailand | KONE Public Company Limited | 84 | |
Thai Elevators and Escalators Company Limited | 74 | ||
Thai Elevators Holding Company Limited | 49 | ||
Tunisia | KONE Elevators & Escalators Assembly | 100 | |
KONE Elevators & Escalators Sarl | 100 | ||
T\u00fcrkiye | KONE Asans\u00f6r Sanayi ve Ticaret A.S. | 100 | |
Uganda | KONE Uganda Limited | 100 | |
Ukraine | KONE Lifts LLC | 100 | |
| United Arab | KONE (Middle East) LLC | 49 | 49 |
| Emirates | |||
United Kingdom Consult Lift Services Ltd | 100 | ||
KONE Pension Trustees Ltd. | 100 | ||
KONE Plc | 100 | 100 | |
KONE (NI) Limited | 100 | ||
USA | ENOK Electrical Company, LLC | 100 | |
KONE Holdings, Inc. | 100 | ||
KONE Inc. | 100 | ||
Marine Elevators LLC | 100 | ||
Vietnam | KONE Vietnam Limited Liability Company | 100 | |
1) | Includes all companies where parent company KONE Oyj has control. Additional information included in note |
Shareholding % | |||
Country/Region | Company | Group | Parent |
Andorra | KONE Ascensors i Escales, S.A. | 100 | company |
Australia | KONE Elevators Employee Benefits Pty Limited | 100 | |
KONE Elevators Pty Limited | 100 | ||
KONE Holdings (Australia) Limited | 100 | ||
Austria | KONE AG | 100 | 100 |
Bahrain | KONE Bahrain W.L.L. | 0 | |
KONE Elevators W.L.L. | 49 | ||
Belgium | KONE Belgium S.A. | 100 | 100 |
Bosnia and Herzegovina | KONE d.o.o. Sarajevo | 100 | |
Bulgaria | KONE EOOD | 100 | 100 |
Canada | KONE Inc. | 100 | 49 |
China mainland | Giant Kone Elevator Co., Ltd. | 100 | 40 |
KONE Elevator (Shanghai) Co., Ltd. | 100 | ||
KONE Elevators Co., Ltd. | 100 | ||
Kunshan KONE Industrial Machinery Co., Ltd. | 100 | 100 | |
Croatia | KONE d.o.o. | 100 | 100 |
Cyprus | KONE Elevators Cyprus Limited | 100 | 100 |
Czech Republic | KONE, a.s. | 100 | 100 |
KONE Industrial \u2013 koncern s.r.o. | 100 | 100 | |
Denmark | KONE A/S | 100 | 100 |
Egypt | KONE LLC | 100 | |
Estonia | AS KONE | 100 | 100 |
Finland | Finescal Oy | 100 | 100 |
KONE Digital Services Oy | 100 | 100 | |
KONE Export Oy | 100 | ||
KONE Hissit Oy | 100 | 100 | |
KONE Industrial Oy | 100 | 100 | |
France | 2STP S.A.S. | 100 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
| company | |||
Ascenseurs Portes Automatiques Arnaud S.A.S. | 100 | ||
Ascenseurs Soulier S.N.C. | 100 | ||
ATS-ATPE S.A.S. | 100 | ||
Automatismes du Mont Blanc S.A.S. | 100 | ||
Delta Ascenseurs S.A.S. | 100 | ||
KONE ATS S.A.S. | 100 | ||
KONE D\u00e9veloppement S.N.C. | 100 | ||
KONE Holding France S.A.S. | 100 | 100 | |
KONE S.A. | 100 | ||
Liftman S.A.S. | 100 | ||
Prokodis S.A.S. | 100 | ||
R.M.D. S.A.S. | 100 | ||
Technique & Mecanique des Elevateurs S.A.S. | 100 | ||
Germany | Alois Kasper GmbH | 100 | |
Aufzugstechnik Rhein Ruhr GmbH | 100 | ||
KONE Automatikt\u00fcren GmbH | 100 | ||
| KONE Escalator Supply Service Center Europe | 100 | ||
| GmbH | |||
KONE Garant Aufzug GmbH | 100 | ||
KONE GmbH | 100 | 100 | |
KONE Montage GmbH | 100 | ||
KONE Servicezentrale GmbH | 100 | ||
SK-F\u00f6rdertechnik GmbH | 100 | ||
Dresdner Aufzugsdienst GmbH | 100 | ||
ATB Aufzugtechnik Berlin GmbH | 100 | ||
ATH Beteiligungs-GmbH | 100 | ||
ATH Aufzugstechnik Heilbronn GmbH & Co. KG | 100 | ||
Matthias Schernikau GmbH | 100 | ||
Greece | KONE S.A. | 100 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
company | |||
Hong Kong SAR KONE Elevator (HK) Limited | 100 | ||
Shan On Engineering Company Limited | 100 | ||
Hungary | KONE Felvon\u00f3 Kft. | 100 | 100 |
Iceland | KONE ehf | 100 | 100 |
India | KONE Elevator India Private Limited | 100 | 100 |
Indonesia | PT KONE Indo Elevator | 100 | 1 |
PT. Mitra Indo Utama | 0 | ||
Ireland | Ennis Lifts Limited | 100 | |
KONE (Ireland) Limited | 100 | ||
Israel | KONE LTD | 100 | 100 |
Italy | Ascensori & Ascensori S.r.l. | 64 | |
Cerqueti Servizi S.r.l. | 100 | ||
Cofam S.r.l. | 100 | ||
CRON.UP S.r.l. | 80 | ||
Elevant Servizi S.r.l. | 70 | ||
Elevatori Bari S.r.l. | 89 | ||
Elevators S.r.l. | 60 | ||
Euroservice Merano S.r.l. | 90 | ||
Ferrara Ascensori S.r.l. | 60 | ||
Gianfranceschi Ascensori S.r.l. | 97 | ||
GSB Ascensori S.r.l. | 65 | ||
KONE Industrial S.p.A. | 100 | 100 | |
KONE S.p.A. | 100 | 27 | |
L.A.M. Lombarda Ascensori Montacarichi S.r.l. | 70 | ||
Mingot S.r.l. | 100 | ||
Nettuno S.r.l. | 75 | ||
Neulift S.p.A. | 100 | ||
Neulift Service Molise S.r.l. | 51 | ||
Neulift Service Triveneto S.r.l. | 100 | ||
Rimma S.r.l. | 60 | ||
Slimpa S.p.A. | 100 | ||
Tecnocram S.r.l. | 84 | ||
Tosca Ascensori S.r.l. | 67 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
company | |||
Unilift S.r.l. | 79 | ||
VITALI Ascensori srl | 100 | ||
Kazakhstan | KONE Kazakhstan LLP | 100 | |
Kenya | KONE Kenya Limited | 49 | |
Kuwait | Al Sabriyah Elevators & Escalators Company W.L.L | 49 | |
Latvia | SIA KONE Lifti Latvija | 100 | 1 |
Lithuania | UAB KONE | 100 | 100 |
Luxembourg | KONE Luxembourg S\u00e0rl | 100 | |
Macedonia | KONE Makedonija Dooel Skopje | 100 | |
Malaysia | KONE Elevator (M) Sdn. Bhd. | 30 | 30 |
Mexico | KONE Industrial, S.A. de C.V. | 100 | |
KONE Mexico, S.A. de C.V. | 100 | 0 | |
Monaco | S.A.M. KONE | 100 | |
Montenegro | KONE d.o.o. Podgorica | 100 | |
Morocco | KONE Elevators and Escalators S\u00e0rl AU | 100 | 100 |
Netherlands | Hissi B.V. | 100 | |
KONE B.V. | 100 | ||
KONE Deursystemen B.V. | 100 | ||
KONE Finance Holding B.V. | 100 | ||
KONE Holland B.V. | 100 | 100 | |
KONE Nederland Holding B.V. | 100 | ||
New Zealand | KONE Elevators (NZ) Limited | 100 | 100 |
Norway | KONE Aksjeselskap | 100 | 100 |
KONE Rulletrapper AS | 100 | 100 | |
Oman | KONE Assarain LLC | 70 | |
Philippines | Elevators Philippines Construction, Inc. | 40 | |
KPI Elevators, Inc. | 100 | ||
Poland | KONE Sp.z o.o. | 100 | 100 |
Portugal | KONE Portugal - Elevadores, Lda. | 100 | 1 |
AMVUP-Elevadores Unipessoal Lda | 100 | ||
DIGILEVA,Ascensores Unipessoal LDA | 100 | ||
Qatar | KONE Elevators W.L.L. | 49 | 49 |
Romania | KONE Ascensorul S.A. | 100 | 100 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
| company | |||
Saudi Arabia | KONE Areeco Limited | 50 | 10 |
KONE Regional Headquarters LLC | 100 | ||
Serbia | KONE d.o.o. Beograd-Novi Beograd | 100 | |
Singapore | KONE Pte Ltd | 100 | |
Slovak Republic KONE Business Services, s.r.o. | 100 | 100 | |
KONE s.r.o. | 100 | 100 | |
Slovenia | KONE d.o.o. | 100 | 100 |
South Africa | Addo Private Equity Fund 2 (Pty) Ltd | 100 | |
KONE Elevators South Africa (Pty) Ltd | 100 | ||
United Elevators (Pty) Ltd | 100 | ||
Spain | Ascensores Muguerza, S.A.U. | 100 | |
KONE Elevadores, S.A. | 100 | 100 | |
T\u00e9cnicas Autocontrol, S.L.U. | 100 | ||
Movilidad, Puertas y Servicios postventa S.L. | 100 | ||
ABI ELEVADORES BIMENES S.L. | 100 | ||
Ascensores Bidasoa S.L. | 100 | ||
Inmape Ascensores, S.L. | 100 | ||
Sweden | KONE AB | 100 | |
Switzerland | KONE (Schweiz) AG | 100 | 100 |
| Kang-En Taiwan Elevator Technology Service Co., | |||
Taiwan, China | Ltd | 100 | |
KONE Elevators Taiwan Co., Ltd | 100 |
Shareholding % | |||
Country/Region | Company | Group | Parent |
| company | |||
Thailand | KONE Public Company Limited | 84 | |
Thai Elevators and Escalators Company Limited | 74 | ||
Thai Elevators Holding Company Limited | 49 | ||
Tunisia | KONE Elevators & Escalators Assembly | 100 | |
KONE Elevators & Escalators Sarl | 100 | ||
T\u00fcrkiye | KONE Asans\u00f6r Sanayi ve Ticaret A.S. | 100 | |
Uganda | KONE Uganda Limited | 100 | |
Ukraine | KONE Lifts LLC | 100 | |
| United Arab | KONE (Middle East) LLC | 49 | 49 |
| Emirates | |||
United Kingdom Consult Lift Services Ltd | 100 | ||
KONE Pension Trustees Ltd. | 100 | ||
KONE Plc | 100 | 100 | |
KONE (NI) Limited | 100 | ||
USA | ENOK Electrical Company, LLC | 100 | |
KONE Holdings, Inc. | 100 | ||
KONE Inc. | 100 | ||
Marine Elevators LLC | 100 | ||
Vietnam | KONE Vietnam Limited Liability Company | 100 | |
1) | Includes all companies where parent company KONE Oyj has control. Additional information included in note |