Financial position
The principles and objectives applicable to financial management as at March 31, 2022 were largely the same as those described in the 2021 combined management report.
Analysis of capital structure
Non-current and current liabilities amounted to €10,875.2 million as at March 31, 2022, which was €193.2 million higher than the figure as at December 31, 2021 of €10,682.0 million. This was primarily driven by the growth in current financial liabilities and trade payables, whereas the defined benefit obligation and contract liabilities, in particular, declined compared with the end of 2021.
Non-current and current financial liabilities totaled €1,421.1 million (December 31, 2021: €1,050.5 million). Non-current financial liabilities stood at €902.2 million (December 31, 2021: €898.7 million). The carrying amount of the corporate bond issued, which is included in this line item, amounted to €495.9 million (December 31, 2021: €495.6 million). In addition, non-current financial liabilities mainly comprised the non-current promissory notes, which have a carrying amount of €323.7 million (December 31, 2021: €326.1 million), and liabilities to banks of €51.9 million (December 31, 2021: €46.6 million).
Current financial liabilities rose to €518.9 million as at the reporting date (December 31, 2021: €151.9 million), of which €330.0 million was attributable to issuances under the commercial paper program in the first quarter. In addition, current liabilities to banks increased to €94.9 million (December 31, 2021: €57.4 million).
Net financial debt (non-current and current financial liabilities less cash and cash equivalents) amounted to €1,037.5 million as at the reporting date (December 31, 2021: €567.6 million). This equated to 0.6 times adjusted EBITDA on an annualized basis (December 31, 2021: 0.3 times). To reconcile the net financial debt with the industrial net operating debt of €2,055.4 million as at March 31, 2022 (December 31, 2021: €1,600.1 million), the liabilities from the short-term rental business of €475.7 million (December 31, 2021: €488.9 million) and the liabilities from procurement leases of €542.3 million (December 31, 2021: €543.6 million) are added to net financial debt.
in € million |
Mar. 31, 2022 |
Dec. 31, 2021 |
Change |
|---|---|---|---|
Promissory notes |
416.2 |
418.5 |
–0.6% |
Bonds |
495.9 |
495.6 |
0.1% |
Liabilities to banks |
146.9 |
104.0 |
41.2% |
Other financial debt |
362.1 |
32.4 |
> 100% |
Financial debt |
1,421.1 |
1,050.5 |
35.3% |
Less cash and cash equivalents |
–383.6 |
–483.0 |
20.6% |
Net financial debt |
1,037.5 |
567.6 |
82.8% |
Liabilities from short-term rental business |
475.7 |
488.9 |
–2.7% |
Liabilities from procurement leases |
542.3 |
543.6 |
–0.3% |
Industrial net operating debt |
2,055.4 |
1,600.1 |
28.5% |
Non-current and current liabilities from the lease business came to €3,092.3 million as at March 31, 2022 (December 31, 2021: €3,070.8 million). Of this total, €2,890.4 million was attributable to financing of the direct lease business (December 31, 2021: €2,858.3 million) and €201.9 million to the repurchase obligations resulting from the indirect lease business (December 31, 2021: €212.6 million).
Non-current and current liabilities from the short-term rental business declined to a total of €475.7 million (December 31, 2021: €488.9 million).
Non-current and current other financial liabilities stood at €665.2 million as at March 31, 2022 (December 31, 2021: €652.0 million). This item included liabilities from procurement leases amounting to €542.3 million (December 31, 2021: €543.6 million), for which right-of-use assets were recorded.
Contract liabilities, which mainly relate to prepayments received from customers in connection with the long-term project business in the Supply Chain Solutions segment, decreased to €787.9 million (December 31, 2021: €854.8 million).
The retirement benefit obligation and similar obligations under defined benefit pension plans fell to €1,108.9 million as at March 31, 2022 (December 31, 2021: €1,265.3 million). This was due to significantly higher discount rates compared with the end of 2021.
Consolidated equity went up by €304.6 million to €5,473.5 million as at March 31, 2022 (December 31, 2021: €5,168.9 million). The net income of €80.2 million earned during the period under review contributed to the rise in equity, as did the actuarial gains and losses arising from the measurement of pensions, which amounted to a net gain of €129.2 million (after deferred taxes) and were recognized in other comprehensive income. The currency translation gains of €91.2 million, also recognized in other comprehensive income, had a positive impact on equity too. The equity ratio improved to 33.5 percent (December 31, 2021: 32.6 percent).