Total assets declined to €45,425 million as of the reporting date.
Fixed assets increased from €17,882 million to €18,103 million. Investments in property, plant and equipment totaled €526 million (previous year: €828 million) and related to land and buildings (€178 million), technical equipment (€164 million), other equipment and operating and office equipment (€65 million), as well as assets under development (€119 million). Investments were made mainly in mail and parcel centers, conveyor and sorting systems, Pack- and Poststations and real estate for network expansion. Noncurrent financial assets were down by €68 million, due primarily to lower loans to affiliated companies.
BALANCE SHEET OF DEUTSCHE POST AG (HGB) AS OF DECEMBER 31
€m
2022
2023
ASSETS
Intangible assets
281
337
Property, plant and equipment
4,409
4,642
Noncurrent financial assets
13,192
13,124
Fixed assets
17,882
18,103
Inventories
88
94
Receivables and other assets
26,436
25,556
Cash and cash equivalents
2,026
1,281
Current assets
28,550
26,931
Prepaid expenses
303
391
TOTAL ASSETS
46,735
45,425
EQUITY AND LIABILITIES
Subscribed capital
1,239
1,239
Treasury shares
–40
–58
Issued capital
1,199
1,181
(Contingent capital: €159 million)
Capital reserves
4,679
4,682
Earnings reserves
2,711
3,954
Net retained profit
10,635
9,216
Equity
19,224
19,033
Provisions
5,867
6,005
Liabilities
21,510
20,195
Deferred income
134
192
TOTAL EQUITY AND LIABILITIES
46,735
45,425
Current assets fell by €1,619 million, with receivables from affiliated companies decreasing by €1,032 million, mainly as a result of the decline in short-term loans (€199 million) and the lower receivables from profit transfer agreements (€874 million). Cash and cash equivalents decreased by €745 million, due primarily to money market investments being €1,104 million lower.
Equity was down from €19,224 million in the previous year to €19,033 million. Net profit for 2023 of €2,786 million exceeded the dividend paid to shareholders of €2,205 million in 2023. Earnings reserves rose by €1,243 million, in particular due to the transfer of €2,000 million to earnings reserves and the issue of shares primarily for executive remuneration plans in the amount of €209 million. The decline of €966 million in earnings reserves had the opposite effect and was due to the offsetting of share buybacks. The equity ratio increased slightly from 41.1% to 41.9%. For the disclosures pursuant to Section 160(1), no. 2, of the Aktiengesetz (German Stock Corporation Act), please refer to notes 26 and 27 to the financial statements of Deutsche Post AG, as well as appendix 5, for the 2023 fiscal year.
Provisions were up by €138 million in the reporting period. Provisions for pensions and similar obligations decreased by €179 million due to discounting effects from the higher overall interest rates and higher fair values of the plan assets. The change in provisions for taxes of €266 million is primarily attributable to the increase in provisions for income taxes (€262 million).
Liabilities decreased by €1,315 million to €20,195 million. The liabilities arising from bonds remain unchanged. Liabilities to banks declined by €96 million. Trade payables decreased by €115 million, liabilities to investees by €62 million and other liabilities by €107 million. The decrease in liabilities to affiliated companies amounting to €935 million resulted largely from intra-Group cash management.
Decline in cash funds
Deutsche Post AG’s cash funds fell by €745 million to €1,281 million in the 2023 fiscal year.
Decrease in debt
Deutsche Post AG’s debt (provisions and liabilities) fell by €1,177 million to €26,200 million compared with the previous year. The decrease was due chiefly to a decrease in liabilities to affiliated companies (€935 million).
