Financial situation
Financial position | 31.12.2024 | 31.12.2023 | ||||||
KEUR | % | KEUR | % | |||||
Current liabilities | 93,032 | 21.6 | 98,328 | 23.4 | ||||
Financial liabilities | 38,449 | 8.9 | 45,795 | 10.9 | ||||
Current leasing liabilities | 4,645 | 1.1 | 4,098 | 1.0 | ||||
Advance payments received on orders | 113 | 0 | 125 | 0 | ||||
Trade payables | 16,061 | 3.7 | 15,970 | 3.8 | ||||
Liabilities from income taxes | 1,269 | 0.3 | 1,430 | 0.3 | ||||
Provisions | 17,244 | 4.0 | 16,474 | 3.9 | ||||
Other current liabilities | 15,251 | 3.5 | 14,437 | 3.4 | ||||
Non-current liabilities | 57,652 | 13.4 | 64,383 | 15.3 | ||||
Financial liabilities | 30,930 | 7.2 | 39,618 | 9.4 | ||||
Miscellaneous non-current liabilities | 963 | 0 | 0 | 0 | ||||
Non-current leasing liabilities | 7,181 | 1.7 | 6,126 | 1.5 | ||||
Deferred taxes | 13,842 | 3.2 | 11,565 | 2.8 | ||||
Provisions | 4,737 | 1.1 | 7,074 | 1.7 | ||||
Shareholders´ equity (incl. non-controlling interests) | 280,289 | 65.0 | 257,290 | 61.3 | ||||
430,973 | 100.0 | 420,001 | 100.0 |
The above table has been adjusted slightly compared to the previous year in order to provide more transparent information. As a result, only the presentation has changed, but not the balance sheet values.
Current financial liabilities decreased by EUR 7,345 thousand from EUR 45,795 thousand to EUR 38,449 thousand. This reduction was mainly due to the positive business performance. The existing bank lines negotiated with several of our core banks were used less than in the previous year. Utilization of the bank lines of Uzin Utz SE was fully repaid during the course of the financial year using the transferred profits of the subsidiaries.
Liabilities to suppliers increased by EUR 91 thousand and amounted EUR 16,061 thousand (15,970) as at the reporting date of December 31, 2024.
Income tax liabilities decreased by EUR 161 thousand to EUR 1,269 thousand (1,430). This is largely attributable to Uzin Utz Nederland B. V., whose tax prepayment in the previous year was very high due to an excessively high assessment basis. Accordingly, at the end of the year there were receivables from income taxes instead of liabilities.
Current provisions rose from EUR 16,474 thousand to EUR 17,244 thousand. The increase is mainly due to Uzin Utz SE, which had to form provisions for outstanding invoices and provisions in the personnel area at the end of the year due to increased bonuses as a result of the good result.
At 13.4%, the share of total non-current liabilities in the balance sheet total was slightly below the previous year's figure (15.3). In absolute terms, total non-current liabilities fell by around EUR 6,731 thousand from EUR 64,383 thousand to EUR 57,652 thousand. The main reason for this development was the decrease in non-current financial liabilities from EUR 39,618 thousand to EUR 30,930 thousand. The decrease resulted primarily from the repayment of existing loans, in particular those of Uzin Utz SE.
In contrast, non-current lease liabilities increased from EUR 6,126 thousand to EUR 7,181 thousand. The largest increase resulted from the extension of the rental agreement for a property by Uzin Utz SE and the rental agreement of Uzin Utz France for the new office building. In addition, there was an increase in liabilities from car leasing in several companies. Expiring leasing contracts were mainly replaced by new contracts, which also affected the short-term leasing liabilities, which increased from EUR 4,098 thousand to EUR 4,645 thousand.
Deferred tax liabilities increased by EUR 2,277 thousand to EUR 13,842 thousand, in particular due to the increase in deferred tax liabilities on fixed assets. Further information can be found in the notes to the consolidated financial statements (section 15 Deferred taxes).
The decrease in pension provisions was the main reason for the decline in non-current provisions by EUR 2,336 thousand to EUR 4,737 thousand. The reduction was primarily due to the Swiss companies, where adjustments to actuarial assumptions led to a reduction in defined benefit obligations compared to the previous year. The fair value of the plan assets also increased due to the good performance of the investments, which led to a corresponding decrease in pension provisions.
Equity (including minority interests) amounted to EUR 280,289 thousand (257,290), an increase of EUR 22,999 thousand compared to the previous year. The share of total assets was 65.0% (61.3). Our equity ratio therefore remains well above the industry average. The moderate increase in the ratio compared to the previous year is due to both the increase in equity as a result of the positive result and the reduction in borrowed capital.
It is both the principle and the intention of our liquidity management to ensure sufficient liquidity at all times. This requirement was also met in 2024. The Group's total loan volume amounted to EUR 69,379 thousand as at December 31, 2024, compared to EUR 85,412 thousand in the previous year. Of this amount, around EUR 38,449 thousand had a remaining term of up to one year (45,795), EUR 23,810 thousand had a remaining term of between one and five years (29,835) and EUR 7,120 thousand had a remaining term of more than five years (9,783). A more detailed breakdown of financial liabilities can be found in the notes to the consolidated financial statements under "Liabilities".
Liquidity was guaranteed at all times and credit lines were never fully utilized. As at the reporting date, around 20.6% (24.8) of the Group-wide credit lines had been utilized, or EUR 28,380 thousand (EUR 32,419 thousand) in absolute terms. The ongoing bridge financing of the production facility in Waco (Texas) did not lead to any further utilization of our bank lines. In addition, forward exchange transactions are concluded on a case-by-case basis to hedge fixed payments or significant foreign currency receivables or liabilities. Further information on forward exchange transactions can be found in the "Currency risks" section of the notes to the consolidated financial statements.
The detailed development of liquidity is presented in the consolidated cash flow statement in the consolidated financial statements.