The following table shows the reconciliation of changes in liabilities arising from financing activities in accordance with the IFRS requirements:
LIABILITIES ARISING FROM FINANCING ACTIVITIES
€m
Bonds
Amounts due to banks
Lease liabilities
Other financial liabilities1
Total
Balance as of January 1, 2022
6,669
544
11,805
361
19,379
Cash changes2
–589
–371
–2,735
–68
–3,763
Noncash changes
Leasing
0
0
4,263
0
4,263
Currency translation
1
27
74
1
103
Changes in consolidated group
0
322
107
4
433
Other changes
99
8
0
447
554
Balance as of December 31, 2022/January 1, 2023
6,180
530
13,514
745
20,969
Cash changes2
–13
–3
–2,985
–141
–3,142
Noncash changes
Leasing
0
0
3,705
0
3,705
Currency translation
–1
–17
–201
–5
–224
Changes in consolidated group
0
21
47
8
76
Other changes
23
29
0
227
279
Balance as of December 31, 2023
6,189
560
14,080
834
21,663
1 Differences from the financial liabilities presented in note 39 (other financial liabilities and derivatives) in the amount of €1,055 million (previous year adjusted: €1,197 million, note 4) are due to factors presented in other cash flow items, e.g., derivatives or operating financial liabilities.
2 Differences in cash changes from the total amount of net cash used in financing activities (€–6,898 million; previous year: €–7,411 million) are due primarily to interest payments in addition to payments relating to equity transactions. The interest payments reported in the cash flow statement also include payments that do not relate to liabilities from financing activities.
As of the reporting date, there were no hedges attributable solely to the liabilities arising from financing activities. The effects on cash flows from hedges are presented in the “Other financing activities” cash flow item in the amount of €–152 million.
In the 2023 fiscal year, noncash transactions were entered into that were not included in the cash flow statement in accordance with IAS 7.43 and 7.44. These relate to the exchange of land and separate building ownership between Deutsche Post AG and Deutsche Post Pensions-Treuhand GmbH & Co. KG. Although income was recognized as a result of the transaction, no cash or cash equivalents were received.
42.1 Net cash from operating activities
At €9,258 million, net cash from operating activities came in €1,707 million lower than the prior-year figure of €10,965 million. Income taxes paid declined by €157 million to €1,625 million. Income from the increase in the shareholding in DHL Logistics contributed primarily to the increase in noncash income and expenses from €–31 million to €–336 million. Cash inflow from the change in working capital amounted to €536 million, an increase of €321 million compared with the prior year.
Other noncash income and expenses are as follows:
OTHER NONCASH INCOME AND EXPENSES
€m
2022
2023
Expenses from the remeasurement of assets
150
39
Income from the remeasurement of liabilities
–303
–367
Staff costs relating to equity-settled share-based payments
100
108
Net expenses/income from investments accounted for using the equity method
39
–115
Other
–17
–1
Other noncash income (–) and expenses (+)
–31
–336
42.2 Net cash used in investing activities
Net cash used in investing activities fell from €3,179 million to €2,181 million. In the previous year, this included, among other items, the net purchase price payment of €1,379 million for the acquisition of Hillebrand. Cash paid to acquire property, plant and equipment and intangible assets decreased by €531 million to €3,381 million. Investing activities focused on, for example, the ongoing expansion and renewal of the air fleet and network infrastructure. The cash inflow from the change in current financial assets decreased from €1,664 million to €963 million. In the previous year, money market funds were sold to enable payment of the purchase price of subsidiaries and other business units in the amount of €1,613 million, in addition to the payment of the dividend.
The assets acquired and liabilities assumed in the course of acquisitions of material and immaterial companies undertaken in the 2023 fiscal year are presented in the following table:
ASSETS ACQUIRED AND LIABILITIES ASSUMED
€m
2022
2023
Noncurrent assets
283
110
Current assets (excluding cash and cash equivalents)
547
81
Cash and cash equivalents
82
28
Noncurrent provisions and liabilities
–422
–79
Current provisions and liabilities
–557
–88
42.3 Net cash used in financing activities
At €6,898 million, net cash used in financing activities came in €513 million lower than the prior-year figure of €7,411 million. The placement of the sustainability-linked bond is reflected in the assumption of noncurrent financial liabilities in the amount of €501 million. Despite the higher dividend per share, the dividend distribution to the shareholders remained unchanged at €2,205 million. Share buybacks led to payments in the amount of €986 million for the acquisition of treasury shares, thereby coming in below the level of the previous year (€1,099 million).
