Net Assets
Total assets up by EUR 8,360m
Total assets as of 31 December 2023 climbed by EUR 8,360m to EUR 45,679m (31 December 2022: EUR 37,319m). Non-current assets accounted for 66% of total assets at year-end (31 December 2022: 62%).
Assets
Non-current assets up by EUR 7,173m
Non-current assets rose by EUR 7,173m to EUR 30,402m (31 December 2022: EUR 23,229m). The year-on-year increase of EUR 798m in the item “Aircraft” is largely due to advance payments for new aircraft. Non-current financial assets increased significantly compared with 31 December 2022 by EUR 6,384m. This is largely due to capital increases at Lufthansa Commercial Holding GmbH in connection with the two capital contributions at Lufthansa Cargo AG and Lufthansa Technik AG. New and increased loans to affiliated companies (EUR 957m) were offset in the financial year 2023 by repayments of EUR 412m.
Current assets up by EUR 1,101m
Current assets rose by EUR 1,101m to EUR 10,949m (31 December 2022: EUR 9,848m). The increase stems mainly from higher bank balances than in the previous year. Receivables, other assets and inventories also recorded a double-digit percentage increase compared to the previous year.
| T055 | BALANCE SHEET FOR DEUTSCHE LUFTHANSA AG IN ACCORDANCE WITH HGB | ||
|---|---|---|---|
| in €m | 31 Dec 2023 | 31 Dec 2022 | |
| Assets | |||
| Intangible assets | 335 | 348 | |
| Aircraft | 7,223 | 6,425 | |
| Property, plant and other equipment | 84 | 80 | |
| Financial investments | 22,760 | 16,376 | |
| Non-current assets | 30,402 | 23,229 | |
| Inventories | 285 | 157 | |
| Trade receivables | 584 | 423 | |
| Other receivables and other assets | 2,235 | 1,896 | |
| Securities | 6,265 | 6,300 | |
| Cash and cash equivalents | 1,580 | 1,072 | |
| Current assets | 10,949 | 9,848 | |
| Prepaid expenses | 183 | 91 | |
| Deferred tax assets | 4,091 | 4,151 | |
| Excess of plan assets over provisions for pensions | 54 | – | |
| Total assets | 45,679 | 37,319 | |
| Shareholders’ equity and liabilities | |||
| Issued capital | 3,063 | 3,060 | |
| Capital reserve | 312 | 306 | |
| Retained earnings | 4,830 | 1,448 | |
| Distributable profit/net loss | 3,383 | – | |
| Shareholders’ equity | 11,588 | 4,814 | |
| Provisions | 8,377 | 8,582 | |
| Bonds | 6,216 | 6,817 | |
| Liabilities to banks | 1,272 | 1,432 | |
| Advance payments received for flight documents | 3,020 | 2,814 | |
| Payables to affiliated companies | 9,707 | 7,126 | |
| Other liabilities | 5,459 | 5,716 | |
| Liabilities | 25,674 | 23,905 | |
| Prepaid expenses | 40 | 18 | |
| Total assets | 45,679 | 37,319 | |
Shareholders’ equity and liabilities
Equity up by EUR 6,774m
The profit of EUR 6,765m meant that shareholders’ equity rose by 141% compared with 31 December 2022 and came to EUR 11,588m as of the reporting date (31 December 2022: EUR 4,814m). Since total assets also increased, the equity ratio increased by 12.5 percentage points to 25.4% (31 December 2022: 12.9%). The information required according to Section 160 Paragraph 1 No. 2 AktG on the portfolio development of treasury shares is provided in the Notes ↗ Note 11.
Non-current liabilities down by EUR 2,091m
The Company’s non-current liabilities fell by 13% in the 2023 financial year to EUR 13,760m (31 December 2022: EUR 15,851m). This is mainly due to the reclassification to current liabilities of two bonds and three borrower’s note loans, which all mature in 2024.
The decline in non-current liabilities was more than offset by the significant increase in equity, and since total assets increased, this meant that long-term funding (equity and non-current liabilities) remained almost unchanged year on year as a proportion of total assets at 55% (31 December 2022: 55%). Non-current funds covered 83% of non-current assets as of the reporting date (31 December 2022: 89%).
Current liabilities up by EUR 3,677m
At EUR 20,331m, current liabilities were 22% higher than last year’s figure (31 December 2022: EUR 16,654m). This is due to the reclassification of bonds and borrower’s note loans and the significant increase in liabilities from affiliated companies.
Net debt down by EUR 1,724m
Net debt declined by 37% to EUR 2,940m (31 December 2022: EUR 4,664m). This resulted primarily from a decline in bonds (EUR -601m) and aircraft lease liabilities (EUR -457m) and an increase in cash and cash equivalents (EUR +508m) compared with 31 December 2022.