Net assets

Increase in consolidated total assets

The Group’s total assets amounted to €67,583 million as of June 30, 2024, and were thus €753 million higher than on December 31, 2023 (€66,830 million).

At €48,185 million, noncurrent assets exceeded the figure as of the comparison date (€47,617 million). Higher goodwill due to currency effects led intangible assets in particular to increase from €14,523 million to €14,648 million. At €30,412 million, the amount of property, plant and equipment was slightly higher than on December 31, 2023 (€30,018 million), with capital expenditure and positive currency effects surpassing depreciation and impairment losses, and disposals. Trade receivables increased slightly by €328 million to €10,865 million. Other current assets rose by a significant €354 million to €2,769 million, primarily due to an increase in prepaid expenses. Cash and cash equivalents decreased by €796 million to €2,853 million.

At €22,067 million, equity attributable to Deutsche Post AG shareholders was lower than on December 31, 2023 (€22,475 million). The consolidated net profit for the period, gains from the remeasurement of pension obligations, and currency effects increased this figure, while the dividend distribution and further share buybacks decreased it. Higher interest rates in particular resulted in a significant decrease of €397 million in provisions for pensions and similar obligations to €2,122 million. Financial liabilities increased from €22,718 million as of December 31, 2023, to €24,153 million. The bond placed in March 2024 with a nominal volume of €1 billion played a significant part in this. Trade payables declined from €8,479 million to €8,035 million. Other current liabilities rose by €349 million to €5,885 million, due primarily to an increase in liabilities to employees.

Higher net debt

Net debt rose from €17,739 million as of December 31, 2023, to €19,885 million as of June 30, 2024. At 33.4%, the equity ratio was in line with the figure as of December 31, 2023 (34.2%). The net interest cover ratio indicates the extent to which net interest obligations are covered by EBIT. This figure declined from 20.7 to 8.7. Net gearing expresses the ratio of net debt to the total of equity and net debt. Net gearing was 46.8% as of June 30, 2024.