Liebherr annual report 2023: Financial statements

Annual report 2023

Consolidated balance sheet

Assets in m €	31/12/2022	%	31/12/2021	%
Intangible assets	29	0.2	29	0.2
Tangible assets	3,808	24.7	3,629	24.9
Investments accounted for using the equity method	8	0.1	7	0.0
Non-current financial assets	227	1.5	208	1.4
Deferred tax assets	222	1.4	256	1.8
Non-current assets	4,294	27.9	4,129	28.3
Inventories	5,662	36.8	4,447	30.6
Receivables	2,500	16.2	2,180	15.0
Income tax receivables	84	0.5	82	0.6
Current financial assets	1,394	9.1	1,565	10.8
Cash and cash equivalents	1,465	9.5	2,145	14.7
Current assets	11,105	72.1	10,419	71.7
Total assets	15,399	100.0	14,548	100.0
Equity and liabilities in m €	31/12/2022	%	31/12/2021	%
Share capital	62	0.4	62	0.4
Other reserves and retained earnings	8,596	55.8	8,290	57.0
Equity of Liebherr-International AG shareholders	8,658	56.2	8,352	57.4
Non-controlling interests	16	0.1	19	0.1
Equity	8,674	56.3	8,371	57.5
Non-current financial liabilities	1,235	8.0	1,213	8.3
Post-employment benefits	678	4.4	996	6.9
Deferred tax liabilities	63	0.4	63	0.4
Non-current provisions	34	0.2	42	0.3
Other non-current liabilities	64	0.4	70	0.5
Non-current liabilities	2,074	13.4	2,384	16.4
Current financial liabilities	1,101	7.2	823	5.7
Payments received in advance	665	4.3	427	2.9
Income tax liabilities	130	0.8	111	0.8
Current provisions	682	4.5	656	4.5
Other current liabilities	2,073	13.5	1,776	12.2
Current liabilities	4,651	30.3	3,793	26.1
Total equity and liabilities	15,399	100.0	14,548	100.0

Consolidated income statement

in m €	31/12/2022	%	31/12/2021	%
Turnover	12,589	91.7	11,639	95.4
Increase or decrease of work in progress and finished goods	524	3.8	-24	-0.2
Other own work capitalised	328	2.4	333	2.7
Other operating income	289	2.1	261	2.1
Operating income	13,730	100,0	12,209	100.0
Cost of materials	-7,554	-55.0	-6,505	-53.3
Personnel expenses	-3,394	-24.7	-3,072	-25.2
Depreciation of non-current assets	-528	-3,8	-507	-4.2
Other operating expenses	-1,800	-13.1	-1,413	-11.6
Operating expenses	-13,276	-96.6	-11,497	-94.3
Operating result	454	3.4	712	5.7
Finance income	1,353	9.9	593	4.9
Finance cost	-1,562	-11.4	-493	-4.0
Share of net profit of associates and joint ventures accounted for using the equity method	1	0.0	0	0.0
Finance result	-208	-1.5	100	0.9
Result before tax	246	1.9	812	6.6
Taxes on income	-244	-1.8	-267	-2.2
Result after tax	2	0.1	545	4.4
of which shareholders of Liebherr-International AG	1	0.1	544	4.4
of which non-controlling interests	1	0.0	1	0.0

Consolidated statement of comprehensive income

in m €	31/12/2022	31/12/2021
Result after tax	2	545
Post-employment benefits	345	54
Deferred tax	-46	-10
Items that will not be reclassified to profit or loss	299	44
Foreign exchange translation differences	51	82
Changes of fair value in cash flow hedges	3	-74
Deferred tax	1	13
Items that may be reclassified to profit or loss	55	21
Other comprehensive income	354	65
Comprehensive income	356	610
of which shareholders of Liebherr-International AG	355	607
of which non-controlling interests	1	3

Consolidated statement of changes in equity

in m €	Share capital	Financial assets at OCI	Foreign exchange translation differences	Other reserves and retained earnings	Equity of Liebherr-International AG shareholders	Non-controlling interests	Group equity
31/12/2020	62	53	-64	7,717	7,768	16	7,784
Result after tax				544	544	1	545
Other comprehensive income		-61	80	44	63	2	65
Comprehensive income		-61	80	588	607	3	610
Dividends				-23	-23	0	-23
Changes in shares of non-controlling interests				0	0	0	0
31/12/2021	62	-8	16	8,282	8,352	19	8,371
Result after tax				1	1	1	2
Other comprehensive income		4	51	299	354	0	354
Comprehensive income		4	51	300	355	1	356
Dividends				-50	-50	0	-50
Changes in shares of non-controlling interests				1	1	-4	-3
31/12/2022	62	-4	67	8,533	8,658	16	8,674

Consolidated cash flow statement

in m €	31/12/2022	31/12/2021
Result after tax	2	545
Depreciation of non-current assets	528	507
Fair Value changes in marketable securities (current assets)	209	-81
Gain / Loss on disposal of non-current assets	2	4
Change in provisions and post-employment benefits	40	41
Other non-cash items	-62	-69
Change in stock	-1,168	-278
Change in receivables and other current assets	-341	-181
Change in other liabilities	547	468
Change in rental fleet	-154	-118
Net cash flow from operating activities	-415	838
Payment for investments in intangible assets	-10	-9
Payment for investments in tangible assets	-500	-357
Payment for investments in marketable securities in current assets	-220	-236
Proceeds from sales of tangible assets	24	14
Proceeds from sales of marketable securities (current assets)	189	178
Other proceeds from investing activities	13	11
Net cash flow from investing activities	-503	-399
Dividends paid, other distributions and equity capital repaid	-50	-23
Proceeds from current or non-current financial liabilities	779	281
Repayment of current or non-current financial liabilities	-500	-598
Net cash flow from financing activities	229	-340
Net decrease / increase in cash and cash equivalents	-689	99
Effects of exchange rate changes on cash and equivalents	9	10
Cash and cash equivalents at beginning of period	2,145	2,036
Cash and cash equivalents at end of period	1,465	2,145
Income tax paid and reimbursed	-238	-288
Interest paid	-41	-28
Interest received	43	38

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Annual report 2023

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Facts and figures 2023

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Consolidated balance sheet

Assets in m €	31/12/2023	%	31/12/2022	%
Intangible assets	23	0.1	29	0.2
Property, plant and equipment	3,999	24.4	3,808	24.7
Investments accounted for using the equity method	3	0.0	8	0.1
Non-current financial assets	166	1.0	227	1.5
Deferred tax assets	248	1.5	222	1.4
Non-current assets	4,439	27.0	4,294	27.9
Inventories	6,409	39.1	5,662	36.8
Receivables	2,832	17.3	2,500	16.2
Prepaid income taxes	84	0.5	84	0.5
Current financial assets	1,552	9.5	1,394	9.1
Cash and cash equivalents	1,089	6.6	1,465	9.5
Current assets	11,966	73.0	11,105	72.1
Total assets	16,405	100.0	15,399	100.0
Equity and liabilities in m €
Share capital	62	0.4	62	0.4
Other reserves and retained earnings	8,821	53.8	8,596	55.8
Equity attributable to Liebherr shareholders	8,883	54.2	8,658	56.2
Non-controlling interests	18	0.1	16	0.1
Equity	8,901	54.3	8,674	56.3
Non-current financial liabilities	1,496	9.1	1,235	8.0
Post-employment benefits	813	4.9	678	4.4
Deferred tax liabilities	73	0.4	63	0.4
Non-current provisions	33	0.2	34	0.2
Other non-current liabilities	35	0.2	64	0.4
Non-current liabilities	2,450	14.8	2,074	13.4
Current financial liabilities	1,230	7.5	1,101	7.2
Advance Payments	652	4.0	665	4.3
Income tax liabilities	176	1.1	130	0.8
Current provisions	818	5.0	682	4.5
Other current liabilities	2,178	13.3	2,073	13.5
Current liabilities	5,054	30.9	4,651	30.3
Total equity and liabilities	16,405	100.0	15,399	100.0

Consolidated income statement

in m €	31/12/2023	%	31/12/2022	%
Revenue	14,042	91.6	12,589	91.7
Increase or decrease of work in progress and finished goods	547	3.6	524	3.8
Other own work capitalised	420	2.7	328	2.4
Other operating income	328	2.1	289	2.1
Operating income	15,337	100,0	13,730	100.0
Cost of materials	-8,384	-54.7	-7,554	-55.0
Personnel expenses	-3,714	-24.2	-3,394	-24.7
Depreciation and amortization expenses	-623	-4,1	-528	-3.8
Other operating expenses	-1,997	-13.0	-1,800	-13.1
Operating expenses	-14,718	-96.0	-13,276	-96.6
Operating result	619	4.0	454	3.4
Finance income	873	5.7	1,353	9.9
Finance expenses	-824	-5.4	-1,562	-11.4
Share of net profit of associates and joint ventures accounted for using the equity method	0	0.0	1	0.0
Finance result	49	0.3	-208	-1.5
Result before tax	668	4.3	246	1.9
Income taxes	-301	-2.0	-244	-1.8
Result after tax	367	2.3	2	0.1
attributable to Liebherr	364	2.3	1	0.1
of which non-controlling interests	3	0.0	1	0.0

Consolidated statement of comprehensive income

in m €	31/12/2023	31/12/2022
Result after tax	367	2
Post-employment benefits	-106	345
Income tax effect	18	-46
Items that will not be reclassified to profit or loss	-88	299
Foreign exchange translation differences	-58	51
Changes of fair value in cash flow hedges	94	3
Deferred tax	-27	1
Items that may be reclassified to profit or loss	9	55
Other comprehensive income	-79	354
Comprehensive income	288	356
attributable to Liebherr	285	355
attributable to non controlling interests	3	1

Consolidated statement of changes in equity

in m €	Share capital	Financial assets at OCI	Foreign exchange translation differences	Other reserves and retained earnings	Equity Liebherr	Non-controlling interests	Group equity
31/12/2021	62	-8	16	8,282	8,352	19	8,371
Result after tax				1	1	1	2
Other comprehensive income		4	51	299	354	0	354
Comprehensive income		4	51	300	355	1	356
Dividends				-50	-50	0	-50
Changes in shares of non-controlling interests				1	1	-4	-3
31/12/2022	62	-4	67	8,533	8,658	16	8,674
Result after tax				364	364	3	367
Other comprehensive income		67	-58	-88	-79	0	-79
Comprehensive income		67	-58	276	285	3	288
Dividends				-51	-51	-1	-52
Changes under company law				-9	-9	0	-9
31/12/2023	62	63	9	8,749	8,883	18	8,901

Consolidated cash flow statement

in m €	31/12/2023	31/12/2022
Result after tax	367	2
Depreciation and amortization expenses	623	528
Fair Value changes in marketable securities (current assets)	-98	209
Gain / Loss on disposal of non-current assets	0	2
Change in provisions and post-employment benefits	163	40
Other non-cash items	60	-62
Change in stock	-829	-1,168
Change in receivables and other current assets	-237	-341
Change in other liabilities	133	547
Change in rental fleet	-192	-154
Net cash flow from operating activities	-10	-415
Payment for investments in intangible assets	-7	-10
Payment for investments in tangible assets	-572	-500
Payment for investments in financial assets	-32	0
Payment for investments in marketable securities in current assets	-177	-220
Proceeds from sales of intangible assets	1	0
Proceeds from sales of tangible assets	15	24
Proceeds from sales of financial assets	2	1
Proceeds from sales of marketable securities (current assets)	115	189
Other proceeds from investing activities	12	13
Net cash flow from investing activities	-643	-503
Dividends paid, other distributions and equity capital repaid	-52	-50
Proceeds from current or non-current financial liabilities	895	779
Repayment of current or non-current financial liabilities	-542	-500
Other payments on financial activities	-8	0
Net cash flow from financing activities	293	229
Net decrease / increase in cash and cash equivalents	-360	-689
Effects of exchange rate changes on cash and equivalents	-16	19
Cash and cash equivalents at beginning of period	1,465	2,145
Cash and cash equivalents at end of period	1,089	1,465
Income tax paid and reimbursed	-278	-238
Interest paid	-89	-41
Interest received	63	43