Current financial liabilities increased by EUR 3,391 thousand from EUR 42,426 thousand to EUR 45,817 thousand. The increase in current financial liabilities was mainly due to the use of bilateral working capital lines. The lines were negotiated with several of our core banks and enabled short-term financing as well as the continued bridge financing of the plant in Waco (USA). While the working capital lines were increasingly used in this context compared to the previous year, the overdraft facility taken out via Uzin Utz SE was repaid in full using the profits transferred from the subsidiaries.

Trade payables decreased by EUR 2,734 thousand and thus amounted to EEUR 15,970 thousand (18,704). The decrease originated mainly from Uzin Utz North America Inc. and Uzin Utz Nederland B. V.. In both companies, differences resulting from the reporting date-related consideration in connection with investments led to the decrease in liabilities. In addition, the decrease at Uzin Utz Nederland B. V. also resulted from invoices for raw materials and services purchased as part of projects.

Income tax liabilities decreased by EUR 2,934 thousand to EUR 1,430 thousand (4,364). This was largely due to Pallmann GmbH, whose advance tax payment in the previous year was very high due to the high assessment basis from the 2021 financial year. Accordingly, there were income tax receivables at the end of the year instead of income tax liabilities.

Current provisions fell from EUR 18,595 thousand to EUR 16,474 thousand. The decrease was mainly due to Uzin Utz North America Inc., which had a provision at the end of last year in connection with the construction of the plant in Waco, which will no longer apply in 2023 due to the completion of the construction work.

At 15.3%, the share of total non-current liabilities in the balance sheet total was slightly below the previous year's figure (15.9). In absolute terms, total non-current liabilities fell by around EUR 1,247 thousand from EUR 65,630 thousand to EUR 64,383 thousand. The main reason for this development was the decrease in non-current financial liabilities from EUR 46,669 thousand to EUR 39,618 thousand. The decrease resulted from the repayment of existing loans. In addition, a loan previously classified as non-current was reclassified to current loans due to its maturity.

Non-current lease liabilities, on the other hand, increased from EUR 4,380 thousand to EUR 6,126 thousand. The largest increase resulted from the extension of the lease agreement for a property by Uzin Utz North America Inc. In addition, there were increases in liabilities from car leasing in several companies. Here, mainly expiring leasing contracts were replaced by new leasing contracts.

Deferred tax liabilities increased by EUR 2,200 thousand to EUR 11,565 thousand. This was due to the amendment to IAS 12, as a result of which deferred taxes on lease liabilities and right-of-use assets were recognized for the first time. Further details can be found in the notes to the consolidated financial statements (section 15 Deferred taxes)

The increase in pension provisions was the main reason for the rise in non-current provisions by EUR 1,858 thousand to EUR 7,074 thousand. The increase was primarily due to the Swiss companies, where adjustments to actuarial assumptions led to an increase in defined benefit obligations compared to the previous year. The fair value of the plan assets rose less sharply than the defined benefit obligations, with a corresponding increase in pension provisions.

Equity (including minority interests) amounted to EUR 257,290 thousand (244,014), an increase of EUR 13,276 thousand compared to the previous year. The share of the balance sheet total was 61.3% (59.1). Our equity ratio therefore remains well above the industry average. The slight increase in the ratio compared to the previous year is primarily due to the increase in equity resulting from the net profit for 2023.

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 2023. The Group's total loan volume amounted to EUR 85,435 thousand as at December 31, 2023, compared to EUR 89,095 thousand in the previous year. Of this amount, around EUR 45,817 thousand had a remaining term of up to one year (42,426), EUR 29,835 thousand had a remaining term of between one and five years (37,720) and EUR 9,783 thousand had a remaining term of more than five years (8,950). A more detailed breakdown of financial liabilities can be found in the notes under "Liabilities".

Liquidity was guaranteed at all times and credit lines were never fully utilized. As at the reporting date, around 24.8% (23.8%) of the Group-wide credit lines had been utilized, or EUR 32,419 thousand (31,077) in absolute terms. The ongoing bridge financing of the production facility in Waco (Texas) led to a higher 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.