Net Assets
Assets |
|
Dec. 31, 2023 |
|
Dec. 31, 2024 |
|||
|---|---|---|---|---|---|---|---|
Non-current assets1 |
|
6,653 |
|
6,570 |
|||
Inventories |
|
1,514 |
|
1,612 |
|||
Other current assets1 |
|
3,329 |
|
3,622 |
|||
Cash and cash equivalents |
|
1,133 |
|
1,207 |
|||
|
|
12,629 |
|
13,011 |
|||
|
|
|
|
|
|||
Equity and liabilities |
|
Dec. 31, 2023 |
|
Dec. 31, 2024 |
|||
Equity |
|
8,339 |
|
8,495 |
|||
Non-current provisions |
|
500 |
|
533 |
|||
Non-current liabilities |
|
286 |
|
287 |
|||
Current provisions |
|
629 |
|
599 |
|||
Current liabilities |
|
2,875 |
|
3,097 |
|||
|
|
12,629 |
|
13,011 |
|||
|
|||||||
Non-current assets decreased by €83 million to €6,570 million (previous year: €6,653 million1). Long-term securities decreased by €345 million to €2,466 million (previous year: €2,811 million1). 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 €437 million (previous year: €517 million). Of this amount, €374 million related to the Consumer Business Segment (previous year: €418 million) and €63 million related to the tesa Business Segment (previous year: €99 million). The capital expenditure in 2024 primarily involved expanding capacity at the production facilities and the new distribution center at the Leipzig site. Depreciation and impairment losses amounted to €357 million. In the previous year, this position totaled €449 million, partly due to the goodwill impairment at Chantecaille. Non-current assets also include the lease receivable in connection with Clinique La Prairie (€110 million, previous year: €0 million).
Inventories increased by €98 million to €1,612 million (previous year: €1,514 million). Other current assets increased to €3,622 million (previous year: €3,329 million1). This item includes short-term securities of €1,159 million (previous year: €1,091 million1). Trade receivables increased by €194 million to €1,792 million (previous year: €1,598 million). Income tax receivables amounted to €250 million (previous year: €227 million), while other current assets increased by €29 million to €282 million (previous year: €253 million).
Cash and cash equivalents increased to €1,207 million (previous year: €1,133 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 €54 million to €4,566 million (previous year: €4,620 million). One reason for the decline in net liquidity is the share buyback program (€501 million), which was carried out during the year. Other financial liabilities decreased by €153 million to €30 million (previous year: €183 million), mainly as a result of the repayment of the short-term liability from Beiersdorf AG to TROMA Alters- und Hinterbliebenenstiftung.
Financing Structure
(in %)
Total non-current provisions and liabilities stood at €820 million (previous year: €786 million). This item includes provisions for pensions and other post-employment benefits, which amounted to €328 million (previous year: €350 million). Deferred tax liabilities stood at €135 million (previous year: €133 million).
Total current provisions and liabilities increased by €192 million to €3,696 million (previous year: €3,504 million) mainly as a result of the increase in trade payables. The equity ratio was 66% (previous year: 66%). Non-current liabilities accounted for 6% (previous year: 6%) and current liabilities for 28% (previous year: 28%).
Significant changes in Beiersdorf’s capital structure are not expected.
1 Securities in the FVOCI category amounting to €136 million were reclassified from short-term securities to long-term securities (previous year: non-current assets: €6,517 million; long-term securities: €2,675 million; other current assets: €3,465 million; shortterm securities: €1,227 million).