Annual report 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 |