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 banks1
Lease liabilities
Other financial liabilities2
Total
Balance as of January 1, 2023
6,180
530
13,514
745
20,969
Cash changes3
–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/
January 1, 2024
6,189
560
14,080
834
21,663
Cash changes3
194
436
–3,218
–7
–2,595
Noncash changes
Leasing
0
0
3,805
0
3,805
Currency translation
0
11
284
10
305
Changes in consolidated group
0
0
–16
5
–11
Other changes
91
26
0
–72
45
Balance as of December 31, 2024
6,474
1,033
14,935
770
23,212
1 Amounts due to banks include overdrafts of €90 million (previous year: €135 million). Netting against cash and cash equivalents would give net cash of €3,529 million at the end of the reporting period (previous year: €3,514 million).2 Differences in the amount of €997 million (previous year: €1,055 million) from the financial liabilities presented in note 39 (other financial liabilities) are due to factors presented in other cash flow items, e.g., derivatives or operating financial liabilities.3 Differences in cash changes from the total amount of net cash used in financing activities (€–6,347 million; previous year: €–6,898 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 €15 million.
In the 2024 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 acquisition of real estate by Deutsche Post AG from Deutsche Post Pensions-Treuhand GmbH & Co. KG.
43.1 Net cash from operating activities
At €8,722 million, net cash from operating activities came in €536 million lower than the prior-year figure of €9,258 million. Higher depreciation, amortization and impairment losses, as well as additions to provisions, were among the factors reducing EBIT, but are eliminated as noncash components. The change in working capital resulted in a cash outflow of €205 million, compared with an inflow of €536 million in the previous year. Income taxes paid declined by €84 million to €1,541 million.
Other noncash income and expenses are as follows:
OTHER NONCASH INCOME AND EXPENSES
€m
2023
2024
Expenses from the remeasurement of assets
39
111
Income from the remeasurement of liabilities
–367
–453
Staff costs relating to equity-settled share-based payments
108
119
Net income/expenses from investments accounted for using the equity method
–115
19
Income/expenses from the disposal of assets
7
–10
Other
–8
–25
Other noncash income (–) and expenses (+)
–336
–239
43.2 Net cash used in investing activities
Net cash used in investing activities rose from €2,181 million to €2,392 million. This was despite significantly lower investments in property, plant and equipment at €2,936 million (previous year: €3,381 million). Payments made for the acquisition of subsidiaries and other business units also fell substantially from €424 million to €23 million. The prior-year figure primarily comprised payments for the acquisition of MNG Kargo and the increased shareholding in Danzas AEI Emirates. The change in current financial assets led to a cash outflow of €42 million. In the previous year, there was a cash inflow of €963 million, which resulted from the liquidation of short-term financial investments with banks.
The assets acquired and liabilities assumed in the course of company acquisitions undertaken in the 2024 fiscal year are presented in the following table:
ASSETS ACQUIRED AND LIABILITIES ASSUMED
€m
2023
2024
Noncurrent assets
110
2
Current assets (excluding cash and cash equivalents)
81
3
Cash and cash equivalents
28
0
Noncurrent provisions and liabilities
–79
0
Current provisions and liabilities
–88
–2
43.3 Net cash used in financing activities
At €6,347 million, net cash used in financing activities came in €551 million lower than the prior-year figure of €6,898 million. The bond issued in March 2024 generated a cash inflow of €990 million. Payments for the acquisition of treasury shares under the current share buyback program came in at €1,234 million, thereby exceeding the previous year’s figure of €986 million.
