Net Assets
Assets |
|
Dec. 31, 2022 |
|
Dec. 31, 2023 |
|---|---|---|---|---|
Non-current assets |
|
6,806 |
|
6,517 |
Inventories |
|
1,557 |
|
1,514 |
Other current assets |
|
2,905 |
|
3,465 |
Cash and cash equivalents |
|
1,080 |
|
1,133 |
|
|
12,348 |
|
12,629 |
|
|
|
|
|
Equity and liabilities |
|
Dec. 31, 2022 |
|
Dec. 31, 2023 |
Equity |
|
7,805 |
|
8,339 |
Non-current provisions |
|
528 |
|
500 |
Non-current liabilities |
|
254 |
|
286 |
Current provisions |
|
614 |
|
629 |
Current liabilities |
|
3,147 |
|
2,875 |
|
|
12,348 |
|
12,629 |
Non-current assets decreased by €289 million to €6,517 million (previous year: €6,806 million). Long-term securities decreased by €509 million to €2,675 million (previous year: €3,184 million). The decline in this item is mainly due to increased investment in short-term securities. Capital expenditure on property, plant, and equipment, and investment in intangible assets amounted to €517 million (previous year: €1,137 million). Of this amount, €418 million related to the Consumer Business Segment (previous year: €1,054 million, of which €532 million for the Chantecaille acquisition) and €99 million related to the tesa Business Segment (previous year: €83 million). The capital expenditure in 2023 primarily involved securing the future of the Beiersdorf sites and expanding them, increasing capacity at the production locations, and constructing the new Beiersdorf Group headquarters. Depreciation and impairment losses amounted to €449 million (previous year: €287 million). The increase in this item is mainly related to the goodwill impairment at Chantecaille.
Inventories decreased by €43 million to €1,514 million (previous year: €1,557 million). Other current assets increased to €3,465 million (previous year: €2,905 million). This item includes short-term securities of €1,227 million (previous year: €771 million). Trade receivables increased by €90 million to €1,598 million (previous year: €1,508 million). Income tax receivables amounted to €227 million (previous year: €205 million), while other current assets increased by €14 million to €253 million (previous year: €239 million).
Cash and cash equivalents increased to €1,133 million (previous year: €1,080 million). Net liquidity (cash, cash equivalents, and long- and short-term securities less current and non-current lease liabilities less other financial liabilities) increased by €143 million to €4,620 million (previous year: €4,477 million). Other financial liabilities decreased by €184 million to €183 million (previous year: €367 million). The remaining short-term borrowings are mainly from Beiersdorf AG to TROMA Alters- und Hinterbliebenenstiftung.
Financing Structure
(in %)
Total non-current provisions and liabilities stood at €786 million (previous year: €782 million). This item includes provisions for pensions and other post-employment benefits, which amounted to €350 million (previous year: €382 million). Deferred tax liabilities stood at €133 million (previous year: €137 million).
Total current provisions and liabilities decreased by €257 million to €3,504 million (previous year: €3,761 million) as a result of the decline in current financial liabilities and in trade payables. The equity ratio was 66% (previous year: 63%). Non-current liabilities accounted for 6% (previous year: 6%) and current liabilities for 28% (previous year: 31%).
Significant changes in Beiersdorf’s capital structure are not expected.