Financial position

Equity and liabilities

 

 

December 31, 2014

December 31, 2013

 

 

million €

%

million €

%

Paid-in capital

 

4,319

6.1

4,341

6.8

Retained earnings

 

28,777

40.3

26,102

40.6

Other comprehensive income

 

(5,482)

(7.7)

(3,400)

(5.3)

Minority interests

 

581

0.8

630

1.0

Equity

 

28,195

39.5

27,673

43.1

 

 

 

 

 

 

Provisions for pensions and similar obligations

 

7,313

10.2

3,727

5.8

Other provisions

 

3,502

4.9

3,226

5.0

Deferred taxes

 

3,420

4.8

2,894

4.5

Financial indebtedness

 

11,839

16.6

11,151

17.4

Other liabilities

 

1,197

1.7

1,194

1.9

Noncurrent liabilities

 

27,271

38.2

22,192

34.6

 

 

 

 

 

 

Accounts payable, trade

 

4,861

6.8

5,153

8.0

Provisions

 

2,844

4.0

2,670

4.2

Tax liabilities

 

1,079

1.5

968

1.5

Financial indebtedness

 

3,545

5.0

3,256

5.0

Other liabilities

 

3,564

5.0

2,292

3.6

Current liabilities

 

15,893

22.3

14,339

22.3

Total equity and liabilities

 

71,359

100.0

64,204

100.0

Equity and liabilities

  • Solid equity ratio of 39.5%
  • Liabilities rise mainly because of higher provisions for pensions and similar obligations
  • Net debt increases slightly

Equity grew by €522 million to €28,195 million compared with the previous year. Retained earnings rose by €2,675 million to €28,777 million. Other comprehensive income decreased by €2,082 million to minus €5,482 million, largely influenced by the remeasurement of defined benefit plans, at minus €2,396 million. The equity ratio amounted to 39.5% (2013: 43.1%).

Compared with the end of 2013, noncurrent liabilities rose by €5,079 million to €27,271 million. This was largely attributable to the €3,586 million increase in provisions for pensions and similar obligations, which was brought about by lower discount rates.

Long-term financial indebtedness grew by €688 million to €11,839 million. Of this, €610 million comprised higher liabilities to credit institutions and €78 million were bonds. In 2014, we issued bonds with a nominal value of €1.8 billion and £250 million with maturities between three and ten years as part of our debt issuance program. Two bonds due in 2015, one for €2 billion and one for CHF 200 million, were reclassified to short-term financial indebtedness.

Deferred tax liabilities rose by €526 million, mostly due to the acquisition of shares in Norwegian oil and gas fields.

Current liabilities grew by €1,554 million to €15,893 million. This was mainly because of the €1,272 million increase in other liabilities, which was primarily attributable to the rise in negative fair values of derivatives in connection with hedging transactions resulting from oil price and U.S. dollar developments relative to the euro. In addition, short-term financial indebtedness increased by €289 million, short-term provisions by €174 million, and tax liabilities by €111 million. Trade accounts payable fell by €292 million.

Long-term financial indebtedness increased overall by €977 million to €15,384 million. Net debt grew by €1,086 million to €13,666 million.

Net debt (in million €)

 

 

Dec. 31, 2014

Dec. 31, 2013

Cash and cash equivalents

 

1,718

1,827

Financial indebtedness

 

15,384

14,407

Net debt

 

13,666

12,580