Net assets
SELECTED INDICATORS FOR NET ASSETS |
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|---|---|---|---|
| Dec. 31, 2022 | Dec. 31, 2023 | ||
| Equity ratio1 | % | 34.6 | 34.3 |
| Net debt | €m | 15,856 | 17,739 |
| Net interest cover | 18.6 | 13.9 | |
| Net gearing | % | 40.1 | 43.7 |
1 Prior-year figure adjusted. |
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Decrease in consolidated total assets
The Group’s total assets amounted to €66,814 million as of December 31, 2023, and were thus €1,662 million lower than on December 31, 2022 (€68,476 million).
Intangible assets rose from €14,121 million to €14,567 million. In particular, the acquisition of MNG Kargo and the shareholding increase in DHL Logistics caused an increase in goodwill. Property, plant and equipment grew from €28,688 million to €29,958 million, as investments exceeded disposals, depreciation, amortization and impairment losses and negative currency effects. Current financial assets dropped considerably from €1,799 million to €833 million, due mainly to the liquidation of short-term investments. Trade receivables decreased by €1,716 million to €10,537 million. Other current assets declined from €3,107 million to €2,415 million, primarily because prepaid expenses for transport costs fell.
At €22,477 million, equity attributable to Deutsche Post AG shareholders was lower than on December 31, 2022 (€23,236 million). The consolidated net profit for the period increased this figure, while the dividend distribution, currency effects, share buybacks and the remeasurement of pension obligations decreased it. In particular, remeasurements resulted in a significant increase of €583 million in provisions for pensions and similar obligations to €2,519 million. Financial liabilities increased from €22,166 million to €22,718 million, primarily because lease liabilities increased on account of investments. Trade payables declined from €9,933 million to €8,479 million. Also, because tax liabilities fell, other current liabilities decreased by €652 million to €5,536 million.
BALANCE SHEET STRUCTURE OF THE GROUP AS OF DECEMBER 311
€m
1 Prior-year figures adjusted, note 4 to the consolidated financial statements.
Higher net debt
Our net debt increased from €15,856 million as of December 31, 2022, to €17,739 million as of December 31, 2023. At 34.3%, the equity ratio was in line with the figure as of December 31, 2022 (34.6%). The net interest cover ratio indicates the extent to which net interest expenses are covered by EBIT. At 13.9, it was considerably below the prior-year level (18.6). Net gearing expresses the ratio of net debt to the total of equity and net debt. This figure was 43.7% as of December 31, 2023.
NET DEBT |
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|---|---|---|
| €m | Dec. 31, 2022 | Dec. 31, 2023 |
| Noncurrent financial liabilities | 17,616 | 17,882 |
| + Current financial liabilities | 3,486 | 3,897 |
| = Financial liabilities1 | 21,102 | 21,779 |
| – Cash and cash equivalents | 3,790 | 3,649 |
| – Current financial assets1 | 1,355 | 364 |
| – Positive fair value of noncurrent derivatives2 | 101 | 27 |
| = Financial assets | 5,246 | 4,040 |
| Net debt | 15,856 | 17,739 |
1 Less operating financial liabilities and/or operating financial assets.2 Recognized in noncurrent financial assets in the balance sheet. |
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