Liebherr annual report 2023: Financial statements

Annual Report 2023

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Annual report 2023

Facts and figures 2023

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
Income tax receivables	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 €	31/12/2023	%	31/12/2022	%
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	4,651	30.3	3,793	30.3
Total equity and liabilities	15,399	100.0	14,548	100.0

Consolidated income statement

in m €	31/12/2023	%	31/12/2022	%
Revenue	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 and amortization expenses	-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 expenses	-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
Income taxes	-244	-1.8	-267	-2.2
Result after tax	2	0.1	545	4.4
attributable to Liebherr	1	0.1	544	4.4
of which non-controlling interests	1	0.0	1	0.0

Consolidated statement of comprehensive income

in m €	31/12/2023	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 non controlling interests	285	355
of which 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				1	1	1	2
Other comprehensive income		4	51	299	354	0	354
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	8,9901

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	1,465	2,145
Income tax paid and reimbursed	-278	-238
Interest paid	-89	-41
Interest received	63	43

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