✓ audited

Net assets

Total assets amounted to €64,327 million, exceeding the previous year’s level by €3,152 million.

Balance sheet

  • Total assets exceed previous year’s level by €3,152 million
  • Long-term assets rise mainly as a result of acquisitions
  • Creation of disposal group for natural gas trading business leads to decline in inventories, receivables and payables as well as short-term provisions
  • Higher pension provisions due to lower discount rates
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Assets

 

December 31, 2012

 

December 31, 2011

 

Million € 

%

 

Million € 

%

Intangible assets

12,241

19.0

 

11,919

19.5

Property, plant and equipment

18,177

28.2

 

17,966

29.4

Investments accounted for using the equity method

2,045

3.2

 

1,852

3.0

Other financial assets

880

1.4

 

848

1.4

Deferred taxes

1,545

2.4

 

941

1.5

Other receivables and miscellaneous long-term assets

650

1.0

 

561

0.9

Long-term assets

35,538

55.2

 

34,087

55.7

 

 

 

 

 

 

Inventories

9,930

15.4

 

10,059

16.5

Accounts receivable, trade

10,138

15.8

 

10,886

17.8

Other receivables and miscellaneous short-term assets

3,504

5.5

 

3,781

6.2

Marketable securities

23

.

 

19

.

Cash and cash equivalents

1,777

2.8

 

2,048

3.3

Assets of disposal groups

3,417

5.3

 

295

0.5

Short-term assets

28,789

44.8

 

27,088

44.3

Total assets

64,327

100.0

 

61,175

100.0

Assets

Long-term assets grew by €1,451 million to €35,538 million. Intangible assets, including goodwill, rose by €322 million primarily as a result of acquisitions in 2012. Due to the higher amount of total assets, the proportion of intangible assets contained in total assets decreased from 19.5% at the end of 2011 to 19.0% as of December 31, 2012.

The value of tangible fixed assets rose by €211 million. At €4,215 million, additions to property, plant and equipment considerably exceeded depreciation. The creation of a disposal group for the natural gas trading business led to the reclassification of its tangible fixed assets, with a net value of €983 million, to short-term assets. With the increase in total assets, the percentage of total assets represented by property, plant and equipment decreased from 29.4% to 28.3%.

Higher provisions for pension obligations were primarily responsible for an increase of €604 million in deferred tax assets.

At €28,789 million, short-term assets exceeded the previous year’s level by €1,701 million. This increase is mainly due to the reclassification of €1,081 million from long-term assets to assets of the disposal group formed in 2012. Reclassifications totaling €2,336 million from short-term assets to assets of the disposal group led to declines in inventories and trade accounts receivable as well as other receivables.

At €1,777 million, cash and cash equivalents were €271 million below the level of December 31, 2011.

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Equity and liabilities

 

December 31, 2012

 

December 31, 2011

 

Million € 

%

 

Million € 

%

Subscribed capital

4,364

6.8

 

4,379

7.2

Retained earnings

20,106

31.2

 

19,446

31.8

Other comprehensive income

110

0.2

 

314

0.5

Minority interests

1,224

1.9

 

1,246

2.0

Equity

25,804

40.1

 

25,385

41.5

 

 

 

 

 

 

Provisions for pensions and similar obligations

5,460

8.5

 

3,189

5.2

Other provisions

3,024

4.7

 

3,335

5.5

Deferred taxes

2,511

3.9

 

2,628

4.3

Financial indebtedness

9,113

14.1

 

9,019

14.7

Other liabilities

1,083

1.7

 

1,142

1.9

Long-term liabilities

21,191

32.9

 

19,313

31.6

 

 

 

 

 

 

Accounts payable, trade

4,696

7.3

 

5,121

8.4

Provisions

2,687

4.2

 

3,210

5.2

Tax liabilities

1,080

1.7

 

1,038

1.7

Financial indebtedness

4,242

6.6

 

3,985

6.5

Other liabilities

2,395

3.7

 

3,036

5.0

Liabilities of disposal groups

2,232

3.5

 

87

0.1

Short-term liabilities

17,332

27.0

 

16,477

26.9

Total equity and liabilities

64,327

100.0

 

61,175

100.0

Equity and liabilities

Equity grew by €419 million compared with the previous year. Net income amounted to €4,879 million, which exceeded dividend payments by €2,583 million. Equity was reduced by the recognition of €1,939 million in actuarial losses from pension obligations. The equity ratio declined to 40.1% (2011: 41.5%).

Long-term liabilities rose by €1,878 million compared with the end of 2011. This was mainly due to the increase of €2,271 million in provisions for pension obligations, which mainly resulted from reduced discount rates. Long-term financial indebtedness increased slightly to €9,113 million. With a total volume of around €1,450 million, three bonds due in 2013 were reclassified to short-term financial indebtedness. This was countered primarily by the issue of a €1 billion bond with a ten-year maturity, as well as the issue of a €750 million bond with a six-year maturity.

The rise in short-term liabilities is particularly attributable to the reclassification of €422 million from long-term liabilities to liabilities of disposal groups. Short-term financial indebtedness rose by €257 million; the increase, which resulted from the reclassification of bonds due in 2013 from long-term financial indebtedness as well as to greater use of the commercial paper program, was countered by the repayment of €2.8 billion in bonds due in 2012.

Liabilities of the disposal group for the natural gas trading business amounted to €2,232 million. The creation of the disposal group is mainly responsible for the decline in trade accounts payable and other short-term liabilities, as well as in short-term provisions.

Long and short-term financial indebtedness increased by a total of €351 million. Net debt rose to €11,578 million.

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Net debt (million €)

 

Dec. 31, 2012

Dec. 31, 2011

Cash and cash equivalents

1,777

2,048

Financial indebtedness

13,355

13,004

Net debt

11,578

10,956