Financial position and cash flows
Balance sheet
€ mn | 31.12.2023 | % of balance sheet total | 31.12.2022 | % of balance sheet total |
Non-current assets | 5,477 | 40 | 5,292 | 42 |
Current assets | 8,229 | 60 | 7,392 | 58 |
Equity | 4,409 | 32 | 4,025 | 32 |
Non-current liabilities | 2,228 | 16 | 2,194 | 17 |
Current liabilities | 7,069 | 52 | 6,465 | 51 |
Total | 13,706 | 100 | 12,684 | 100 |
The total of assets and liabilities increased year-on-year from € 12,683.76 million to € 13,706.21 million mainly due to the increase in cash and cash equivalents and inventories. A decline was recorded in other financial assets.
32.2%
Equity ratio
The equity as at 31 December 2023 was up to € 4,409.36 million. The previous buyback obligation for own shares in the amount of a maximum of 10% of the share capital was to be deducted directly from retained earnings as at 31 December 2022 as part of the mandatory anticipatory offer at the time. As only 2.7% of own shares were ultimately purchased, the difference of € 291.31 million was transferred back to retained earnings in 2023. This was offset by capital reductions of € 337.87 million from the capital measures implemented starting in September 2023 to reduce the stake held by MKAO “Rasperia Trading Limited”. The capital reductions implemented as part of these measures changed the ratio of free reserves to appropriated reserves. The equity ratio increased to 32.2% (31 December 2022: 31.7%).
Key balance sheet figures
31.12.2019 | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 | |
Equity ratio (%) | 31.5 | 33.9 | 33.3 | 31.7 | 32.2 |
Net debt (€ mn) | -1,143.53 | -1,747.23 | -1,937.18 | -1,927.70 | -2,643.24 |
Gearing ratio (%) | -29.7 | -42.5 | -47.6 | -47.9 | -59.9 |
Capital employed (€ mn) | 5,838.71 | 5,815.14 | 5,750.63 | 5,407.37 | 5,726.41 |
€ 2.6 billion
Net cash position
Another net cash position was reported for 31 December 2023 – with a noticeable increase to € 2,643.24 million due primarily to higher cash and cash equivalents and a further reduction in financial liabilities.
Calculation of net debt1
€ mn | 31.12.2019 | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 |
Financial liabilities | 1,422.21 | 1,156.01 | 1,193.62 | 957.20 | 898.93 |
Severance provisions | 124.68 | 122.55 | 108.36 | 91.38 | 98.27 |
Pension provisions | 435.92 | 428.36 | 376.83 | 333.55 | 319.85 |
Non-recourse debt | -665.53 | -597.20 | -652.74 | -607.97 | -509.67 |
Cash and cash equivalents | -2,460.81 | -2,856.95 | -2,963.25 | -2,701.85 | -3,450.62 |
Total | -1,143.53 | -1,747.23 | -1,937.18 | -1,927.70 | -2,643.24 |
The cash flow from operating activities increased significantly year-on-year from € 812.86 million to € 1,816.51 million. This development is due to an increase in cash flow from earnings on the one hand and an unexpected reduction in working capital on the other. The forecast reduction in advance payments as a result of higher interest rates did not materialise for the time being.
The cash flow from investing activities was more negative, as expected, particularly due to higher investments in financial assets and enterprise acquisitions, including acquisitions in facility services, energy and building services management, and amounted to € -654.87 million (2022: € -560.42 million).
The cash flow from financing activities was less negative at € -430.58 million (2022: € -503.66 million). The repayment of a bond in the amount of € 200 million in the previous year resulted in an effect that more than compensated for the acquisition of own shares tendered as part of an anticipatory mandatory offer by the Austrian core shareholders.
Report on own shares
The company held 2,779,006 treasury shares (2.7% of the share capital) as at 31 December 2023. Following entry of the ordinary non-cash capital increase in the commercial register on 21 March 2024, the volume of own shares held as a percentage of the share capital fell to 2.4%.
Further details can be found in the management report under Disclosures under Sec 243a Para 1 UGB.