Net Assets
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|
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Dec. 31, 2017 |
Dec. 31, 2018 |
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€ million |
€ million |
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Noncurrent assets |
5,606 |
5,801 |
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Current assets |
5,735 |
5,283 |
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Total assets |
11,341 |
11,084 |
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Equity |
5,365 |
5,375 |
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Noncurrent liabilities |
2,885 |
3,126 |
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Current liabilities |
3,091 |
2,583 |
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Liabilities |
5,976 |
5,709 |
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Total equity and liabilities |
11,341 |
11,084 |
Total assets declined by €257 million compared with December 31, 2017, to €11,084 million as of December 31, 2018 (previous year: €11,341 million).
Noncurrent assets increased by €195 million to €5,801 million (previous year: €5,606 million) and accounted for 52.3% (previous year: 49.4%) of total assets. This change was primarily attributable to the increase in value of property, plant and equipment by €113 million and the growth in deferred taxes by €80 million. Current financial liabilities declined by €452 million to €5,283 million (previous year: €5,735 million) and therefore accounted for 47.7% (previous year: 50.6%) of total assets. This was due mainly to the decline in cash and cash equivalents and other financial assets.
Equity as of December 31, 2018, increased by €10 million to €5,375 million (previous year: €5,365 million). The equity ratio amounted to 48.5% as of the reporting date (previous year: 47.3%). Income after income taxes was sufficient to offset the equity-reducing effects of the acquisition of treasury shares, the dividend distribution and the remeasurement of pension obligations.
Liabilities were down €267 million as of the reporting date, totaling €5,709 million (previous year: €5,976 million). Provisions for pensions and other post-employment benefits increased by €258 million. Noncurrent financial liabilities decreased by €47 million to €1,166 million (previous year: €1,213 million). Current financial liabilities declined by €524 million to €59 million (previous year: €583 million). The key driver here was the redemption of the first tranche of the bond program totaling €500 million.
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Dec. 31, 2017 |
Dec. 31, 2018 |
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€ million |
€ million |
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Net defined benefit liability for post-employment benefits |
1,185 |
1,444 |
The net defined benefit liability for post-employment benefits (pension obligations less plan assets) increased by €259 million in the reporting year to €1,444 million (previous year: €1,185 million). In this context, pension obligations increased due to the negative performance of the plan assets and to actuarial losses, particularly in Germany on account of adjustments to the mortality tables and a reduction in the discount rate.