Net Assets
| Summary statement of financial position | ||
|---|---|---|
| Dec. 31, 2023 | June 30, 2024 | |
| € million | € million | |
| Noncurrent assets | 7,746 | 7,773 |
| Current assets | 5,891 | 6,198 |
| Total assets | 13,637 | 13,971 |
| Equity | 6,618 | 6,674 |
| Noncurrent liabilities | 3,721 | 3,664 |
| Current liabilities | 3,298 | 3,633 |
| Liabilities | 7,019 | 7,297 |
| Total equity and liabilities | 13,637 | 13,971 |
Total assets were up €334 million as compared with December 31, 2023, to €13,971 million as of June 30, 2024.
Noncurrent assets increased by €27 million to €7,773 million (December 31, 2023: €7,746 million). This is predominantly due to a rise in other noncurrent receivables. Offsetting factors included primarily impairment losses on deferred tax assets. At the same time, current assets also went up by €307 million to €6,198 million (December 31, 2023: €5,891 million). This change is primarily attributable to higher inventories and trade accounts receivable. The reduction in cash and cash equivalents and in other current financial assets were the main factors with an offsetting effect.
Equity increased by €56 million to €6,674 million, compared with €6,618 million as of December 31, 2023. The rise in equity is mainly the result of actuarial gains on the remeasurement of pension obligations and positive effects of foreign exchange differences. This was offset by the negative net income after income taxes for the first half of 2024.
Noncurrent liabilities were down €57 million to €3,664 million as of June 30, 2024 (December 31, 2023: €3,721 million). This is mainly attributable to a decline in provisions for pensions and other post-employment benefits. Offsetting effects included in particular a rise in deferred tax liabilities.
| Net defined benefit liability for post-employment benefit plans | ||
|---|---|---|
| Dec. 31, 2023 | June 30, 2024 | |
| € million | € million | |
| Provisions for pensions and other post-employment benefits | 464 | 363 |
| Net defined benefit asset | (66) | (98) |
| Net defined benefit liability | 398 | 265 |
The net defined benefit liability for post-employment benefits (provisions for pensions and other post-employment benefits less net defined benefit asset) was down by €133 million in the first half of 2024 to €265 million (previous year: €398 million). This was largely due to actuarial gains attributable to an increase in the discount rate in Germany and the United States.
Current liabilities were up €335 million to €3,633 million as of the reporting date (December 31, 2023: €3,298 million). The main factors driving this development were an increase in current financial debt and in trade accounts payable.