Balance sheet as of Dec 31 (€ million)
|EQUITY AND LIABILITIES|
In 2020, there were no material changes to the International Financial Reporting Standards (IFRS) regulations for DB Group’s consolidation and accounting principles that would result in any changes to the consolidated financial statements.
The total assets were slightly below the level of the previous year-end:
- Overall, the non-current assets were roughly at the level of the end of the previous year. Intangible assets decreased (€ –1,604 million), mainly due to impairments at DB Arriva. In contrast, property, plant and equipment increased (€ +1,113 million). In addition to vehicle additions to DB Long-Distance, the integrated rail system was also affected by an increased share of infrastructure capital expenditures in connection with LuFVIII, as well as the conclusion and extension of leasing contracts at DB Real Estate. The increase in receivables and other assets (€ +384 million) had a compensating effect, partly as a result of the increase in receivables for transport concessions (IFRIC 12) at DB Regional.
- Current assets fell slightly. This was mainly due to a decrease in cash and cash equivalents (€ –582 million). In contrast, inventories in particular rose (€ +417 million), especially at DB Regional.
In structural terms, this did not result in any major changes on the asset side.
On the equity and liabilities side, equity declined significantly. This mainly resulted from the negative comprehensive income (€ –5,710 million). In addition, the dividend payment to the Federal Government (€–650 million) and the decrease in the changes posted in the reserves in connection with the revaluation of pensions (€ –1,087 million) also had the effect of reducing equity, mainly due to significantly lower interest rates.
With the total assets remaining almost stable, the decline in equity led to a significant decline in the equity ratio.
- Non-current liabilities increased significantly. In essence, this development was characterized by:
- higher non-current financial debt (€ +3,093 million);
- an increase in pension obligations (€ +1,163 million) mainly due to a decrease in the interest rate on revaluation (this was partly offset by the cessation of the ARN Franchise); and
- higher other liabilities (€ +396 million).
- Current liabilities also increased significantly. In essence, this development was characterized by:
- increased current financial debt (€ +1,538 million); in particular, the main driver was an increase in bank loans due in the short term (€ +2,679 million), mainly as a result of the bridge financing. In particular, redemption of commercial papers (€ –890 million) and lower bonds due in the short-term (€ –367 million) had a dampening effect;
- higher other provisions (€ +613 million), mainly as a result of allocations for potential losses and revenue discounts; and
- mainly due to higher trade liabilities on the balance sheet date (€ +523 million).
- In contrast, deferred items (€ –134 million) and other liabilities fell (€ –124 million).
The structure of the equity and liabilities side has shown a shift toward, in particular, an increased share of non-current liabilities, due to the decrease in equity.