Balance sheet as of Dec 31
|EQUITY AND LIABILITIES|
The first-time application of IFRS 16 also had a significant influence on the balance sheet development.
The balance sheet total increased significantly:
- Non-current assets increased. In particular, property, plant and equipment (€ +5,834 million) was a key factor. In the integrated rail system, the main effects were from the capitalization of lease agreements previously treated as operating leases, in particular at DB Cargo and in the Other division, as well as vehicle additions at DB Long-
Distance. The IFRS 16 effect had a significant increasing effect at DB Arriva and DB Schenker. Non-current receivables and other assets (€ +376 million) increased, partly as a result of higher receivables from transport contracts as of the balance sheet date at DB Regional. Deferred tax assets (€ +214 million) increased as a result of the extension of the planning horizon.
- Current assets also increased. This was mainly due to an increase in cash and cash equivalents (€ +449 million). Other receivables and assets (€ +166 million) increased mainly on the basis of balance sheet date effects. Inventories (€ +151 million) were also higher, mainly for maintenance.
Structurally, the assets side showed a slight shift towards non-current assets.
On the equity and liabilities side there was a considerable increase in equity. The first-time issue of Hybrid bond (€ +2,000 million), which are allocated to equity due to their classification as subordinated capital in accordance with IFRS, and the net profit for the year (€ +680 million) were the key factors. This was offset primarily by the decline in the changes recorded in the reserves in connection with the revaluation of pensions (€ –710 million) because of significantly lower interest rates, particularly in Germany and Great Britain, and the dividend payment to the Federal Government (€ –650 million).
The disproportionate increase in the total assets led to a decline in the equity ratio.
- Non-current liabilities increased significantly, owing principally to:
- higher non-current non-current financial debt (€ +3,351 million); and an increase in pension obligations (€ +531 million), mainly as a result of a declined interest rate in the revaluation. This was counteracted primarily by one-time allocations to plan assets of individual benefit plans by DB Arriva in Great Britain.
- The decline in accrued expenses (€ –172 million), among other things as a result of effects on the balance sheet date and the redemption of interest-free loans, had a contrary effect.
- Current liabilities also increased markedly. This was mainly due to higher current financial debt (€ +2,098 million). The drivers were the increase in leasing liabilities falling due in the short term (€ +1,009 million), mainly as a result of the first-time application of IFRS 16 and higher liabilities from commercial paper (€ +890 million) due to issuing. Liabilities from senior bonds falling due in the short term (€ +218 million) also increased.
Within the structure of the equity and liabilities side, the ratio of non-current and current liabilities to the total assets increased slightly accordingly.