Equity ratio decreased
|Balance sheet |
EQUITY AND LIABILITIES
The first-time application of the IFRS 16 also had a significant impact on the development of the balance sheet.
The balance sheet total increased significantly:
- Non-current assets increased. The main item was property, plant and equipment (€ +4,569 million). The main factor here was the activation of lease contracts previously treated as operate leases, in particular at DB Arriva, DB Cargo, DB Schenker, and in the division Other, as well as vehicle additions at DB Long-Distance. Deferred tax assets also increased (€ +113 million) due to higher temporary differences abroad.
- Current assets also increased. This was substantially due to higher other receivables and assets (€ +165 million), mainly from reporting date effects. Inventories (€ +133 million), mainly for maintenance, cash and cash equivalents (€ +119 million) and derivative financial instruments (€ +73 million) also increased.
Structurally, there was a slight shift on the asset side towards non-current assets.
On the equity and liabilities side, equity declined significantly. Key factors were dividend payment to the Federal Government (€ –650 million) and the decline in changes recognized in reserves in connection with the revaluation of pensions (€ –335 million) due to significantly lower interest rates in Great Britain. The key factor here was the generated net profit (€ +205 million).
Lower equity led to a decline in the equity ratio as total assets increased.
- Non-current liabilities increased significantly. In essence, this development was characterized by:
- Higher non-current financial debt (€ +3.823 million).
- An increase in pension obligations (€ +447 million), mainly as a result of a decline in the revaluation rate.The decline in deferred income (€ –92 million), partly as a result of reporting date effects and the repayment of interest-free loans, had a counteracting effect.
- Current liabilities also rose. This resulted mainly from:
- Higher current financial debt (€ +2,253 million). The drivers were the increase in current lease liabilities (€ 1,159 million), especially as a result of the initial application of IFRS 16 as well as emissions-related higher liabilities from commercial paper (€ 1,263 million). Among other things, liabilities from current maturing bonds (€ –133 million) declined.
- The decline in, for example, trade payables (€ –346 million), resulting from reporting date effects at DB Cargo, among others, partially compensated for this.
In the structure of the equity and liabilities side, the share of current liabilities in total assets rose slightly accordingly – the share of non-current liabilities increased even more.