Liebherr Annual Report 2020: Financial Statements

Annual Report 2020

Consolidated Balance Sheet

Assets in m €	31/12/2020	%	31/12/2019	%
Intangible assets	37	0.3	42	0.3
Tangible assets	3,567	25.9	3,798	26.6
Shares at equity	12	0.1	13	0.1
Non-current financial assets	159	1.2	196	1.4
Deferred tax assets	236	1.7	323	2.2
Non-current assets	4,011	29.2	4,372	30.6
Inventories	4,099	29.8	4,425	31.0
Receivables	2,086	15.2	2,283	16.0
Income tax receivables	77	0.6	103	0.7
Current financial assets	1,424	10.4	1,377	9.6
Liquid funds	2,036	14.8	1,728	12.1
Current assets	9,722	70.8	9,916	69.4
Total Assets	13,733	100.0	14,288	100.0
Equity and Liabilities in m €	31/12/2020	%	31/12/2019	%
Subscribed capital	62	0.5	62	0.4
Revenue reserves	7,706	56.1	7,807	54.6
Equity of Liebherr-International AG shareholders	7,768	56.6	7,869	55.0
Non-controlling interests	16	0.1	15	0.1
Equity	7,784	56.7	7,884	55.1
Non-current financial liabilities	1,376	10.0	1,364	9.6
Post-employment benefits	1,013	7.4	966	6.8
Deferred tax liabilities	60	0.4	45	0.3
Non-current provisions	46	0.3	40	0.3
Other non-current liabilities	82	0.6	76	0.5
Non-current liabilities	2,577	18.7	2,491	17.5
Current financial liabilities	921	6.7	1,162	8.1
Payments received in advance	283	2.1	346	2.4
Income tax liabilities	112	0.8	103	0.7
Current provisions	643	4.7	608	4.3
Other current liabilities	1,413	10.3	1,694	11.9
Current liabilities	3,372	24.6	3,913	27.4
Total equity and liabilities	13,733	100.0	14,288	100.0

Consolidated Income Statement

in m €	31/12/2020	%	31/12/2019	%
Sales revenue	10,341	95.2	11,750	95.3
Increase or decrease of work in progress and finished goods	-155	-1.4	7	0.1
Other own work capitalised	329	3.0	312	2.5
Other operating income	344	3.2	257	2.1
Operating income	10,859	100.0	12,326	100.0
Cost of materials	-5,452	-50.2	- 6,299	- 51.1
Personnel expenses	-2,847	-26.2	- 2,980	- 24.2
Depreciation on non-current assets	-543	-5.0	- 541	- 4.4
Other operating expenses	-1,601	-14.7	- 1,903	- 15.4
Operating expenses	-10,443	-96.1	- 11,723	- 95.1
Operating result	416	3.9	603	4.9
Finance income	617	5.7	603	4.9
Finance cost	-755	-7.0	- 458	- 3.7
At equity result	0	0.0	0	0.0
Finance result	-138	-1.3	145	1.2
Result before tax	278	2.6	748	6.1
Taxes on income	-271	-2.5	- 319	- 2.6
Result after tax	7	0.1	429	3.5
of which shareholders of Liebherr-International AG	7	0.1	429	3.5
of which non-controlling interests	0	0.0	0	0.0

Consolidated Statement of Comprehensive Income

in m €	31/12/2020	31/12/2019
Result after tax	7	429
Post-employment benefits	-6	- 148
Deferred tax	-34	31
Items not recycled to profit or loss	-40	- 117
Foreign exchange translation differences	-104	40
Changes of fair value in cash flow hedges	74	- 21
Deferred tax	-13	7
Items recycled to profit or loss	-43	26
Other comprehensive income	-83	- 91
Comprehensive income	-76	338
of which shareholders of Liebherr-International AG	-76	338
of which non-controlling interests	0	0

Consolidated Statement of Changes in Equity

in m €	Subscribed capital	Value fluctuations on financial instruments	Foreign exchange translation differences	Other revenue reserve	Equity of Liebherr-International AG shareholders	Non-controlling interests	Group equity
31/12/2018	62	6	0	7,485	7,553	17	7,570
Result after tax				429	429	0	429
Other comprehensive income		- 14	40	- 117	- 91	0	- 91
Comprehensive income		-14	40	312	338	0	338
Dividends				- 22	- 22	- 2	- 24
Changes in shares of non-controlling interests				0	0	0	0
31/12/2019	62	- 8	40	7,775	7,869	15	7,884
Result after tax				7	7	0	7
Other comprehensive income		61	-104	-40	-83	0	-83
Comprehensive income		61	-104	-33	-76	0	-76
Dividends				-24	-24	0	-24
Changes in shares of non-controlling interests				-1	-1	1	0
31/12/2020	62	53	-64	7,717	7,768	16	7,784

Consolidated Cash Flow Statement

in m €	31/12/2020	31/12/2019
Result after tax	7	429
Depreciation on non-current assets	543	541
Value fluctuations marketable securities (current assets)	7	- 121
Gain / Loss on disposal of non-current assets	2	1
Change of provisions and post-employment benefits	88	55
Other non-liquid expenses / income	190	- 16
Change of stock	195	110
Change of receivables and other current assets	227	24
Change of other liabilities	-289	- 31
Change of rental fleet	-122	- 19
Net cash flow from operating activities	848	973
Payment for investments in intangible assets	-10	- 33
Payment for investments in tangible assets	-250	- 402
Payment for investments in marketable securities in current assets	-112	- 103
Proceeds from sales of intangible assets	0	1
Proceeds from sales of tangible assets	14	23
Proceeds from sales of marketable securities (current assets)	58	90
Other proceeds from investing activities	15	0
Net cash flow from investing activities	-285	- 424
Dividends paid, other distributions and equity capital repaid	-24	- 24
Proceeds from current or non-current financial liabilities	438	400
Repayment of current or non-current financial liabilities	-643	- 442
Change non-controlling interests	1	0
Net cash flow from financing activities	-228	- 66
Net decrease / increase in liquid funds	335	483
Foreign exchange translation difference on liquid funds at beginning of period and on cash flows	-27	6
Liquid funds at beginning of period	1,728	1,239
Liquid funds at end of period	2,036	1,728
Income tax paid and reimbursed	-184	- 322
Interest paid	-32	-38
Interest received	27	56

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Annual Report 2020

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Annual Report 2020

Consolidated Balance Sheet

Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Statement of Changes in Equity

Consolidated Cash Flow Statement

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