Financial position
Equity and liabilities |
|||||
|
|
December 31, 2015 |
December 31, 2014 |
||
|---|---|---|---|---|---|
|
|
million € |
% |
million € |
% |
Paid-in capital |
|
4,317 |
6.1 |
4,319 |
6.1 |
Retained earnings |
|
30,120 |
42.5 |
28,777 |
40.3 |
Other comprehensive income |
|
(3,521) |
(5.0) |
(5,482) |
(7.7) |
Minority interests |
|
629 |
0.9 |
581 |
0.8 |
Equity |
|
31,545 |
44.5 |
28,195 |
39.5 |
|
|
|
|
|
|
Provisions for pensions and similar obligations |
|
6,313 |
8.9 |
7,313 |
10.2 |
Other provisions |
|
3,369 |
4.8 |
3,502 |
4.9 |
Deferred taxes |
|
3,381 |
4.8 |
3,420 |
4.8 |
Financial indebtedness |
|
11,123 |
15.7 |
11,839 |
16.6 |
Other liabilities |
|
869 |
1.2 |
1,197 |
1.7 |
Noncurrent liabilities |
|
25,055 |
35.4 |
27,271 |
38.2 |
|
|
|
|
|
|
Accounts payable, trade |
|
4,020 |
5.7 |
4,861 |
6.8 |
Provisions |
|
2,540 |
3.6 |
2,844 |
4.0 |
Tax liabilities |
|
1,082 |
1.5 |
1,079 |
1.5 |
Financial indebtedness |
|
4,074 |
5.7 |
3,545 |
5.0 |
Other liabilities |
|
2,520 |
3.6 |
3,564 |
5.0 |
Current liabilities |
|
14,236 |
20.1 |
15,893 |
22.3 |
Total equity and liabilities |
|
70,836 |
100.0 |
71,359 |
100.0 |
Equity and liabilities
- Equity ratio rises from 39.5% to 44.5%
- Net debt shrinks slightly
Equity grew by €3,350 million to €31,545 million compared with the previous year. Retained earnings increased by €1,343 million to €30,120 million. Other comprehensive income rose by €1,961 million to minus €3,521 million, primarily because of currency translation effects and the remeasurement of defined benefit plans. The equity ratio was 44.5% (2014: 39.5%).
Compared with the end of 2014, noncurrent liabilities declined by €2,216 million to €25,055 million. All line items contributed to this development. Provisions for pensions and similar obligations were reduced by €1 billion, predominantly as a result of the decline in the projected pension increase and higher discount rates. Long-term financial indebtedness fell by €716 million due to the reclassification into short-term financial indebtedness of three bonds due in 2016 with a nominal value totaling €900 million. Other liabilities declined by €328 million, other provisions by €133 million and deferred taxes by €39 million.
Current liabilities fell by €1,657 million to €14,236 million, predominantly due to the €841 million decline in trade accounts payable and a €1,044 million decline in other liabilities, both of which mainly resulted from the asset swap with Gazprom. In addition, short-term provisions fell by €304 million. Short-term financial indebtedness rose by €529 million, largely on account of the €1,590 million year-on-year increase in outstanding U.S. dollar commercial paper as of December 31, 2015, as well as the previously mentioned reclassification of bonds. Contrasting this was the scheduled repayment of two bonds with a nominal value of €2 billion and CHF 200 million in 2015. Tax liabilities remained at the prior-year level.
Financial indebtedness decreased overall by €187 million to €15,197 million. The average maturity of our financial indebtedness was 5.2 years (2014: 5.7 years). Net debt fell by €710 million to €12,956 million.
For more on the development of the balance sheet, see the Ten-Year Summary
Net debt (in million €) |
|||
|
|
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|---|
Cash and cash equivalents |
|
2,241 |
1,718 |
Financial indebtedness |
|
15,197 |
15,384 |
Net debt |
|
12,956 |
13,666 |