Financial position

Equity and liabilities

  • Equity ratio rises to 43.2%
  • Increase in long-term and decline in short-term financial indebtedness
  • Net debt above prior-year level
  (XLS:) Download (xls, 25 kB)

Equity and liabilities

 

December 31, 2013

 

December 31, 2012

 

Million €

%

 

Million €

%

Subscribed capital

4,341

6.7

 

4,364

6.9

Retained earnings

26,170

40.7

 

23,708

37.8

Other comprehensive income

(3,400)

(5.3)

 

(3,461)

(5.5)

Minority interests

678

1.1

 

1,010

1.6

Equity

27,789

43.2

 

25,621

40.8

 

 

 

 

 

 

Provisions for pensions and similar obligations

3,709

5.8

 

5,421

8.6

Other provisions

2,924

4.5

 

2,925

4.7

Deferred taxes

2,849

4.4

 

2,234

3.5

Financial indebtedness

11,151

17.3

 

8,704

13.9

Other liabilities

1,157

1.8

 

1,111

1.8

Noncurrent liabilities

21,790

33.8

 

20,395

32.5

 

 

 

 

 

 

Accounts payable, trade

4,505

7.0

 

4,502

7.2

Provisions

2,616

4.1

 

2,628

4.2

Tax liabilities

954

1.5

 

870

1.4

Financial indebtedness

3,256

5.0

 

4,094

6.5

Other liabilities

2,182

3.4

 

2,623

4.2

Liabilities of disposal groups

1,290

2.0

 

1,993

3.2

Current liabilities

14,803

23.0

 

16,710

26.7

Total equity and liabilities

64,382

100.0

 

62,726

100.0

Equity grew by €2,168 million compared with the previous year. Net income amounted to €4,842 million, which exceeded dividend payments by €2,454 million. Additionally, the revaluation of defined benefit plans resulted in an increase in equity of €1,127 million. The equity ratio rose to 43.2% (2012: 40.8%).

Compared with the end of 2012, noncurrent liabilities grew by €1,395 million to €21,790 million. Long-term financial indebtedness increased by €2,447 million to €11,151 million. Over the course of 2013, we issued bonds with a nominal value of €2.65 billion and NOK 1.45 billion with maturities between 3 and 30 years as part of our €15 billion Debt Issuance Program. We also issued a U.S. private placement of $1.25 billion consisting of three tranches with maturities between 12 and 21 years. Furthermore, loans and promissory notes in the amounts of €1.87 billion, £0.3 billion, and $0.15 billion were paid back in 2013. A bond due in 2014 with a total volume of €1.25 billion was reclassified to short-term financial indebtedness. Deferred tax liabilities rose by €615 million and other liabilities by €46 million. However, provisions for pensions and similar obligations declined by €1,712 million because of higher discount rates. Other provisions matched the level of the previous year.

Current liabilities declined by €1,907 million to €14,803 million. This was the result of the €838 million decline in financial liabilities to €3,256 million as well as the €703 million decrease in the liabilities of the natural gas trading disposal group. Other liabilities also fell by €441 million. While tax liabilities rose by €84 million in 2013, trade accounts payable and short-term provisions both matched the prior-year level.

Long-term financial indebtedness increased overall by €1,609 million to €14,407 million. Net debt rose to €12,592 million.

  (XLS:) Download (xls, 22 kB)

Net debt (million €)

 

Dec. 31, 2013

Dec. 31, 2012

Cash and cash equivalents

1,815

1,647

Financial indebtedness

14,407

12,798

Net debt

12,592

11,151