Net Assets

Non-current assets increased by €138 million to €6,806 million (previous year: €6,668 million). Long-term securities decreased by €753 million to €3,184 million (previous year: €3,937 million). Capital expenditure on property, plant, and equipment, and investment in intangible assets amounted to €1,137 million (previous year: €413 million). Of this amount, €1,054 million (previous year: €376 million) related to the Consumer Business Segment and €83 million (previous year: €37 million) to the tesa Business Segment. The capital expenditure primarily involved the acquisition of Chantecaille (€532 million) as well as securing the future of the Beiersdorf sites and expanding them, increasing capacity at the production locations, and constructing the new Group headquarters. Depreciation and impairment losses amounted to €287 million (previous year: €287 million). Inventories increased by €413 million to €1,557 million (previous year: €1,144 million). Other current assets increased to €2,905 million (previous year: €2,451 million). This item includes short-term securities of €771 million (previous year: €616 million). The increase in this position is mainly due to repayments at maturity and a simultaneous reclassification from non-current to current securities. Trade receivables increased by €202 million to €1,508 million (previous year: €1,306 million). Income tax receivables amounted to €205 million (previous year: €207 million), while other current assets increased by €41 million to €239 million (previous year: €198 million).

Cash and cash equivalents increased to €1,080 million (previous year: €1,036 million). Net liquidity (cash, cash equivalents, and long- and short-term securities less current and non-current lease liabilities less other financial liabilities) decreased by €589 million to €4,477 million (previous year: €5,066 million). Other financial liabilities increased by €26 million to €367 million (previous year: €341 million). Short-term borrowings continue to be used to support the management of financial assets and liquidity.

Financing Structure

(in %)

Total non-current provisions and liabilities stood at €782 million (previous year: €1,080 million). This item includes provisions for pensions and other post-employment benefits, which decreased to €382 million (previous year: €808 million), mainly due to an increase in the interest rate. There was a related increase in deferred tax liabilities to €137 million (previous year: €38 million). Total current provisions and liabilities rose by €436 million to €3,761 million (previous year: €3,325 million) as a result of an increase in current financial liabilities and a rise in trade payables. The equity ratio was 63% (previous year: 61%). Non-current liabilities accounted for 6% (previous year: 10%) and current liabilities for 31% (previous year: 29%).