Net assets

Increase in consolidated total assets

The Group’s total assets amounted to €69,875 million as of December 31, 2024, and were thus €3,045 million higher than on December 31, 2023 (€66,830 million).

Intangible assets rose from €14,523 million to €14,873 million. An increase in goodwill resulted particularly from positive currency effects. Property, plant and equipment grew from €30,018 million to €31,454 million, as capital expenditure and positive currency effects exceeded depreciation, amortization and impairment losses and disposals. Noncurrent financial assets grew from €1,118 million to €1,511 million, mostly due to an increase in lease receivables. The increase in pension assets lifted other noncurrent assets from €388 million to €437 million. Trade receivables rose by €661 million to €11,198 million. Other current assets increased from €2,415 million to €2,532 million, primarily because of a rise in prepaid expenses for transport costs.

At €23,793 million, equity attributable to Deutsche Post AG shareholders was higher than on December 31, 2023 (€22,475 million). The consolidated net profit for the period, currency effects and remeasurement of pension obligations increased this figure, while the dividend distribution and share buybacks decreased it. Remeasurements in particular resulted in a fall of €256 million in provisions for pensions and similar obligations to €2,263 million. Financial liabilities increased from €22,718 million to €24,209 million. The bond placed in March with a nominal volume of €1 billion played a significant part in this. Trade payables increased from €8,479 million to €8,635 million. Other current liabilities rose by €142 million to €5,678 million, due primarily to an increase in liabilities to employees.

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1 Prior-year figures adjusted, note 4 to the consolidated financial statements.

Higher net debt

Our net debt increased from €17,739 million as of December 31, 2023, to €18,998 million as of December 31, 2024. At 34.6%, the equity ratio was higher than the figure as of December 31, 2023 (34.2%). The net interest cover ratio indicates the extent to which net interest expenses are covered by EBIT. At 8.9, it was considerably below the prior-year level (13.9). Net gearing expresses the ratio of net debt to the total of equity and net debt. This figure was 44.0% as of December 31, 2024 (December 31, 2023: 43.7%).