Total assets declined from €45,425 million to €44,449 million as of the reporting date.
Fixed assets increased from €18,103 million to €18,137 million. Capital expenditure on tangible fixed assets totaled €399 million (previous year: €526 million) and related to land and buildings (€126 million), technical equipment (€104 million), other equipment and operating and office equipment (€86 million), as well as prepayments and assets under construction (€83 million). Capital expenditure was made mainly on mail and parcel centers, conveyor and sorting systems, Pack- and Poststations, charging stations and real estate for network expansion. Noncurrent financial assets were down by €85 million, due primarily to lower loans to affiliated companies.
BALANCE SHEET OF DEUTSCHE POST AG (HGB) AS OF DECEMBER 31
€m
2023
2024
ASSETS
Intangible assets
337
381
Tangible fixed assets
4,642
4,717
Noncurrent financial assets
13,124
13,039
Fixed assets
18,103
18,137
Inventories
94
103
Receivables and other assets
25,556
24,570
Cash and cash equivalents
1,281
1,253
Current assets
26,931
25,926
Prepaid expenses
391
386
TOTAL ASSETS
45,425
44,449
EQUITY AND LIABILITIES
Subscribed capital
1,239
1,200
Treasury shares
–58
–47
Issued capital
1,181
1,153
(Contingent capital: €147 million)
Capital reserves
4,682
4,722
Earnings reserves
3,954
3,848
Net retained profit
9,216
8,872
Equity
19,033
18,595
Provisions
6,005
5,669
Liabilities
20,195
20,005
Deferred income
192
180
TOTAL EQUITY AND LIABILITIES
45,425
44,449
Current assets fell by €1,005 million, with receivables from affiliated companies decreasing by €906 million. This was mainly due to a decline in intra-Group cash management (€770 million) and lower receivables from profit transfer agreements (€134 million). Cash and cash equivalents decreased by €28 million.
Equity was down from €19,033 million in the previous year to €18,595 million. Net profit for 2024 of €2,825 million exceeded the dividend of €2,169 million paid to shareholders in the year under review. Earnings reserves fell by €106 million. This was due in particular to the offsetting of share buybacks of €1,208 million and the retirement of treasury shares to the nominal value of €39 million, which were set against an increase of €1,141 million from the transfer of €1,000 million to earnings reserves and the issue of shares primarily for executive remuneration plans in the amount of €141 million. There was a slight fall in the equity ratio from 41.9% to 41.8%. For the disclosures pursuant to Section 160 (1), no. 2, of the Aktiengesetz (German Stock Corporation Act), please refer to notes 25 and 26 to the financial statements of Deutsche Post AG, as well as Annex 5, for the 2024 fiscal year.
Provisions were down by €336 million in the reporting period. Provisions for pensions and similar obligations decreased by €242 million due to discounting effects from the higher overall interest rates and higher fair values of the plan assets. The decline in provisions for taxes of €80 million is primarily attributable to lower provisions for income taxes (€74 million).
Liabilities decreased by €190 million to €20,005 million. Liabilities arising from bonds increased by €300 million, and liabilities to banks rose by €545 million due to loans taken out. Trade payables decreased by €7 million, liabilities to investees by €1 million and other liabilities by €89 million due to an improved figure for negative fair value of derivatives. The decrease in liabilities to affiliated companies amounting to €938 million resulted largely from intra-Group cash management.
Decline in cash funds
Deutsche Post AG’s cash funds fell by €28 million to €1,253 million in the 2024 fiscal year.
Decrease in debt
Deutsche Post AG’s debt (provisions and liabilities) fell by €526 million to €25,674 million compared with the previous year. This was chiefly due to lower liabilities to affiliated companies (€938 million) and lower pension provisions (€242 million), which were set against higher liabilities arising from bonds (€300 million) and higher liabilities to banks (€545 million).
