Net Assets
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Dec. 31, 20181 |
Dec. 30, 2019 |
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€ million |
€ million |
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Noncurrent assets2 |
5,801 |
6,791 |
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Current assets |
5,283 |
4,727 |
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Total assets |
11,084 |
11,518 |
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Equity |
5,375 |
5,254 |
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Noncurrent liabilities3 |
3,126 |
4,129 |
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Current liabilities |
2,583 |
2,135 |
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Liabilities |
5,709 |
6,264 |
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Total equity and liabilities |
11,084 |
11,518 |
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Total assets were up by €434 million compared with December 31, 2018, to €11,518 million as of December 31, 2019 (previous year: €11,084 million).
Noncurrent assets increased by €990 million to €6,791 million (previous year: €5,801 million) and accounted for 59.0% (previous year: 52.3%) of total assets. This change is largely attributable to the increase in property, plant and equipment by €877 million, which in turn resulted mainly from the recognition of right-of-use assets in accordance with the initial application of IFRS 16. Current financial liabilities declined by €556 million to €4,727 million (previous year: €5,283 million) and therefore accounted for 41.0% (previous year: 47.7%) of total assets. Active working capital management was the main driver here, resulting in a decline in inventories and trade accounts receivable.
Equity as of December 31, 2019, decreased by €121 million to €5,254 million (previous year: €5,375 million). The equity ratio amounted to 45.6% as of the reporting date (previous year: 48.5%). Income after income taxes was insufficient to offset the equity-reducing effects of the dividend distribution and the remeasurement of pension obligations.
Noncurrent liabilities increased by €1,003 million to €4,129 million as of the reporting date (previous year: €3,126 million) and accounted for 65.9% (previous year: 54.8%) of liabilities. This was mainly due to an increase in provisions for pensions and other post-employment benefits by €520 million and noncurrent financial liabilities by €435 million. In contrast, current liabilities decreased by €448 million to €2,135 million (previous year: €2,583 million) and accounted for 34.1% (previous year: 45.2%) of liabilities. The chief reason was a decline in other provisions by €290 million.
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Dec. 31, 2018 |
Dec. 31, 2019 |
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€ million |
€ million |
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Net defined benefit liability for post-employment benefits |
1,444 |
1,963 |
The net defined benefit liability for post-employment benefits (pension obligations less plan assets) increased by €519 million in the reporting year to €1,963 million (previous year: €1,444 million). An increase in the value of the plan assets was unable to offset actuarial losses primarily resulting from the lowering of the discount rate in Germany and the United States.