Equity ratio decreased
Balance sheet as of Dec 31 (€ million)
Equity and Liabilities
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.
- Non-current assets increased. Here, property, plant and equipment was particularly important (€ +1,149 million). The main factor here was vehicle acquisitions at DB Long-Distance and DB Cargo, supported by the increase in intangible assets (€ +131 million) as a result of capitalization of self-generated software and higher other non-current claims and assets (€ +78 million), including for service concessions, inter alia. In contrast, active deferred taxes particularly decreased (€ –384 million), primarily as a result of lower expected taxable income of DB AG.
- Current assets increased significantly. The key factors were the increase in trade receivables (€ +391 million) and the increase in other current receivables and assets (€ +250 million), mostly due to balance-sheet-date-related factors. In addition, inventories (€ +218 million) increased, primarily for maintenance, as did cash and cash equivalents (€ +147 million).
Structurally, on the asset side there was a slight shift in favor of current assets.
On the equity and liabilities side, equity decreased significantly. The key factors included the reduction, related to interest amongst other factors, in the changes recognized in the reserves in connection with the revaluation of pensions (€ –778 million) and the dividend payment to the Federal Government (€ –450 million). There was an opposite effect primarily from the net profit for the year generated (€ +542 million).
The decrease in equity coupled with an increased balance sheet total led to a reduction in the equity ratio.
- Non-current debt capital increased significantly, owing principally to:
- higher non-current financial debt (€ +910 million),
- an increase in pension obligations (€ +883 million), mainly as a result of a declined interest rate for revaluation, and
- the decrease of other non-current provisions (€ –128 million) as a result of liabilities that will now become due in the short-term had an opposite effect.
- Current liabilities also increased. This was primarily the result of the following:
- higher trade liabilities (€ +334 million) because of balance-sheet-date-related and other factors at DB Schenker,
- increased other current liabilities (€ +261 million), primarily as a result of higher obligations from collectively agreed wages,
- higher current financial debt (€ +258 million) primarily as a result of an increase in bank borrowings and bonds falling due in the short term, and
- increased current deferred items (€ +183 million).
Within the structure of the equity and liabilities side, the ratio of non-current and current liabilities to the balance sheet total slightly increased accordingly.