Annual Report 2023

Net Assets

Summary statement of financial position








Dec. 31, 2022


Dec. 31, 2023



€ million


€ million

Noncurrent assets





Current assets





Total assets















Noncurrent liabilities





Current liabilities










Total equity and liabilities





Total assets declined by €948 million from €14,585 million as of December 31, 2022, to €13,637 million as of December 31, 2023.

Noncurrent assets decreased by €170 million to €7,746 million (previous year: €7,916 million) and accounted for 56.8% (previous year: 54.3%) of total assets, mainly due to a decline in intangible assets. The factors driving these changes included impairment losses of €31 million on goodwill, intangible assets, and property, plant and equipment, which were related to the discontinuation of production of the highly specialized Maezio® products and the resulting closure of the production site in Markt Bibart (Germany).

Current assets were down €778 million to €5,891 million (previous year: €6,669 million), and their ratio to total assets was 43.2% (previous year: 45.7%). This change is due to a year-over-year drop in cash and cash equivalents as well as lower inventories and trade accounts receivable, while current other financial assets went up.

Structure of the statement of financial position

Structure of statement of financial position (bar chart)

Equity decreased by €504 million to €6,618 million as of December 31, 2023 (previous year: €7,122 million). The equity ratio at the reporting date was 48.5% (previous year: 48.8%). The main reasons for the decline in equity were negative effects from foreign exchange differences, income after income taxes for fiscal 2023, and the acquisition of treasury shares.

Noncurrent liabilities went down by €687 million to €3,721 million as of the reporting date (previous year: €4,408 million) and accounted for 27.3% (previous year: 30.3%) of total capital and 53.0% (previous year: 59.1%) of liabilities. Under financial debt, the euro bond of €500 million issued in 2016, which matures in September 2024, was reclassified from noncurrent to current financial debt.

Net defined benefit liability for post-employment benefits plans








Dec. 31, 2022


Dec. 31, 2023



€ million


€ million

Provisions for pensions and other post-employment benefits





Net defined benefit asset





Net defined benefit liability





The net defined benefit liability for post-employment benefits (provisions for pensions and other post-employment benefits less net defined benefit asset) was down by €32 million in the reporting year to €398 million (previous year: €430 million). The positive trend of the actual return on plan assets was set against actuarial losses and interest expense from the defined benefit obligation, which nearly offset each other. The year-over-year decline in current service cost and the rise in benefits paid by the company, combined with constant employer contributions, led to a slight decrease in the net defined benefit liability.

Current liabilities went up by €243 million to €3,298 million (previous year: €3,055 million) and therefore accounted for 24.2% (previous year: 20.9%) of total capital and 47.0% (previous year: 40.9%) of liabilities. This increase was primarily attributable to the abovementioned rise in current financial debt and higher provisions for short-term variable compensation. Lower trade accounts payable and tax liabilities had an offsetting effect.

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