Liebherr annual report 2021: Financial statements

Consolidated Balance Sheet

Assets in m €	31/12/2021	%	31/12/2020	%
Intangible assets	29	0.2	37	0.3
Tangible assets	3,629	24.9	3,567	25.9
Shares at equity	7	0.0	12	0.1
Non-current financial assets	208	1.4	159	1.2
Deferred tax assets	256	1.8	236	1.7
Non-current assets	4,129	28.3	4,011	29.2
Inventories	4,447	30.6	4,099	29.8
Receivables	2,180	15.0	2,086	15.2
Income tax receivables	82	0.6	77	0.6
Current financial assets	1,565	10.8	1,424	10.4
Liquid funds	2,145	14.7	2,036	14.8
Current assets	10,419	71.7	9,722	70.8
Total Assets	14,548	100.0	13,733	100.0
Equity and Liabilities in m €	31/12/2021	%	31/12/2020	%
Subscribed capital	62	0.4	62	0.5
Revenue reserves	8,290	57.0	7,706	56.1
Equity of Liebherr-International AG shareholders	8,352	57.4	7,768	56.6
Non-controlling interests	19	0.1	16	0.1
Equity	8,371	57.5	7,784	56.7
Non-current financial liabilities	1,213	8.3	1,376	10.0
Post-employment benefits	996	6.9	1,013	7.4
Deferred tax liabilities	63	0.4	60	0.4
Non-current provisions	42	0.3	46	0.3
Other non-current liabilities	70	0.5	82	0.6
Non-current liabilities	2,384	16.4	2,577	18.7
Current financial liabilities	823	5.7	921	6.7
Payments received in advance	427	2.9	283	2.1
Income tax liabilities	111	0.8	112	0.8
Current provisions	656	4.5	643	4.7
Other current liabilities	1,776	12.2	1,413	10.3
Current liabilities	3,793	26.1	3,372	24.6
Total equity and liabilities	14,548	100.0	13,733	100.0

Consolidated Income Statement

in m €	31/12/2021	%	31/12/2020	%
Sales revenue	11,639	95.4	10,341	95.2
Increase or decrease of work in progress and finished goods	-24	-0.2	-155	-1.4
Other own work capitalised	333	2.7	329	3.0
Other operating income	261	2.1	344	3.2
Operating income	12,209	100.0	10,859	100.0
Cost of materials	-6,505	53.3	-5,452	-50.2
Personnel expenses	-3,072	25.2	-2,847	-26.2
Depreciation on non-current assets	-507	-4.2	-543	-5.0
Other operating expenses	-1,413	-11.6	-1,601	-14.7
Operating expenses	-11,497	-94.3	-10,443	-96.1
Operating result	712	5.7	416	3.9
Finance income	593	4.9	617	5.7
Finance cost	-493	-4.0	-755	-7.0
At equity result	0	0.0	0	0.0
Finance result	100	0.9	-138	-1.3
Result before tax	812	6.6	278	2.6
Taxes on income	-267	-2.2	-271	-2.5
Result after tax	545	4.4	7	0.1
of which shareholders of Liebherr-International AG	544	4.4	7	0.1
of which non-controlling interests	1	0.0	0	0.0

Consolidated Statement of Comprehensive Income

in m €	31/12/2021	31/12/2020
Result after tax	545	7
Post-employment benefits	54	-6
Deferred tax	-10	-34
Items not recycled to profit or loss	44	-40
Foreign exchange translation differences	82	-104
Changes of fair value in cash flow hedges	-74	74
Deferred tax	13	-13
Items recycled to profit or loss	21	-43
Other comprehensive income	65	-83
Comprehensive income	610	-76
of which shareholders of Liebherr-International AG	607	-76
of which non-controlling interests	3	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
31/12/2019	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
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

Consolidated Cash Flow Statement

in m €	31/12/2021	31/12/2020
Result after tax	545	7
Depreciation on non-current assets	507	543
Value fluctuations marketable securities (current assets)	-81	7
Gain / Loss on disposal of non-current assets	4	2
Change of provisions and post-employment benefits	41	88
Other non-liquid expenses / income	-69	190
Change of stock	-278	195
Change of receivables and other current assets	-181	227
Change of other liabilities	468	-289
Change of rental fleet	-118	-122
Net cash flow from operating activities	838	848
Payment for investments in intangible assets	-9	-10
Payment for investments in tangible assets	-357	-250
Payment for investments in marketable securities in current assets	-236	-112
Proceeds from sales of tangible assets	14	14
Proceeds from sales of marketable securities (current assets)	178	58
Other proceeds from investing activities	11	15
Net cash flow from investing activities	-399	-285
Dividends paid, other distributions and equity capital repaid	-23	-24
Proceeds from current or non-current financial liabilities	281	438
Repayment of current or non-current financial liabilities	-598	-643
Change non-controlling interests	0	1
Net cash flow from financing activities	-340	-228
Net decrease / increase in liquid funds	99	335
Foreign exchange translation difference on liquid funds at beginning of period and on cash flows	10	-27
Liquid funds at beginning of period	2,036	1,728
Liquid funds at end of period	2,145	2,036
Income tax paid and reimbursed	-288	-184
Interest paid	-28	-32
Interest received	38	27

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Annual Report 2021

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Facts and Figures 2021

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