2017 Integrated Report – Departure into a new era

Significant rise in equity, due among others to the capital increase

Balance sheet as of Dec 31 (€ million)

2017

2016

Change

absolute

%

Balance sheet total 1)

56,436

56,324

+ 112

+ 0.2

Assets

Non-current assets 1)

45,625

45,290

+ 335

+ 0.7

Current assets

10,811

11,034

– 223

– 2.0

Equity and liabilities

Equity 1)

14,238

12,657

+ 1,581

+ 12.5

Long-term debt capital 1)

27,510

28,525

– 1,015

– 3.6

Short-term debt capital 1)

14,688

15,142

– 454

– 3.0

1)Previous yearʼs figure adjusted.

CHART 2636
CHART 2637

1)Previous yearʼs figure adjusted.

There were no material changes to IFRS regulations for DB Group’s consolidation and accounting principles that would result in any changes to the consolidated financial statements. The exercise of balance sheet voting rights is explained in the notes to the consolidated financial statements.

The balance sheet total rose slightly.

  • Current assets were slightly higher, particularly because of property, plant and equipment (+724 million). The main factor was vehicle acquisitions at DB Long-Distance. Items reporting declines, conversely, were derivative financial instruments (179 million), deferred tax assets (95 million) due to lower tax expectations at DBAG and intangible assets (92 million), partly because of depreciation.
  • The fall in current assets was essentially driven by the fall in cash and cash equivalents (1,053 million). The increase in trade receivables (+597 million) and short-term other receivables and assets (+187 million), mostly due to balance-sheet-date-related factors, countered this impact.

In structural terms this did not result in any material change on the asset side.

On the liabilities side there was a considerable increase in equity. The major factors here were the capital increase (€ +1,000 million), the generated net profit for the year (€ +765 million) and the interest-related increase in the changes recognized in the reserves in connection with the revaluation of pensions (€ +610 million). The major factors countering this were the dividend payment to the Federal Government (€ –600 million) and the changes in connection with currency volatility recognized in the reserves (€ –175 million).

The equity ratio improved owing to the disproportionate rise in equity.

  • Non-current debt capital fell, owing principally to:
    • a decline in pension obligations ( 582 million) due to a slight rise in the interest rate in the revaluation,
    • lower levels of non-current financial debt ( 326 million) and
    • a decline in deferred income ( 152 million) due especially to date-related factors in the previous year.
  • Current debt capital also fell, owing mainly to:lower current other provisions ( 229 million), especially as a result of the partial utilization of the provision for decommissioning obligations in connection with the Disposal Fund Act,
    • lower current other liabilities ( 112 million) for personnel and interest, inter alia,
    • lower deferred income ( 95 million),
    • lower current financial debt ( 79 million), mainly due to the redemption of maturing bank debt, and
    • trade liabilities rose ( +57 million), conversely, because of balance-sheet-date-related and other factors at DB Schenker.

Within the structure of the equity and liabilities side, the ratio of non-current and current liabilities to the balance sheet total declined accordingly.