Liabilities

Equity up EUR 24m

Shareholders’ equity came to EUR 11,612m as of 31 December 2024, which was roughly the same as the previous year (31 December 2023: EUR 11,588m). The dividend distribution of EUR 359m in financial year 2023 was more than offset by the net profit of EUR 372m.

The equity ratio declined by 0.3 percentage points to 25.1% (31 December 2023: 25.4%). The information required on the portfolio development of treasury shares in accordance with Section 160 Paragraph 1 No. 2 AktG is provided in the Notes ↗ Note 34.

Non-current liabilities down by EUR 271m

The Company’s non-current liabilities fell by EUR 271m to EUR 13,489m (31 December 2023: EUR 13,760m). This is mainly due to lower pension provisions linked to the positive market performance of the plan assets available to meet retirement benefit obligations.

Lower equity and non-current liabilities were more than offset by the rise in current liabilities. The composition of the balance sheet did not change significantly year-on-year. Total assets increased and long-term funding (equity and non-current liabilities) accounted for 54% of total assets as of 31 December 2024, only slightly less than the previous year (31 December 2023: 55%). Non-current funds covered 80% of non-current assets as of 31 December 2024 (31 December 2023: 83%).

Current liabilities up EUR 869m

At EUR 21,200m as of 31 December 2024, current liabilities were EUR 869m higher than at year-end 2023 (31 December 2023: EUR 20,331m). This was due to the increase in other provisions (mainly provisions for maintenance) and other liabilities.

Net debt up EUR 185m

Net balance sheet debt was up by EUR 185m to EUR 3,125m (31 December 2023: EUR 2,940m). Higher cash and cash equivalents (EUR +553m) were more than offset by the decline of EUR 821m in securities, whereas changes in bonds (EUR 776m) virtually equalled those in liabilities to banks (EUR -774m).