Freudenber group Annual Report 2023
At €11,902.8 million, sales in 2023 were above the level of the previous year. Gross profit rose by 1.4 percent. The selling expenses ratio increased to 13.3 percent and the administrative expenses ratio to 6.1 percent.
The financial result rose by €17.5 million compared with the previous year, chiefly as a result of the rise of €29.7 million in another investment result; this was partly offset by the fall of €6.4 million in the pro rata share in the results of associated companies.
Non-current liabilities amounted to €2,457.2 million (previous year: €2,558.5 million). This development was chiefly due to a reduction of €77.5 million in longterm financial debt; it was partially offset by the rise in provisions for pensions and similar obligations from €604.9 million in the previous year to a total of €655.6 million. The reason for this development was the use of a lower interest rate for calculations, resulting in actuarial losses.
- Investments
- Adjusted for acquisitions, investments in intangible assets, tangible assets and investment properties amounted to €452.7 million (previous year: €401.5 million).
- Liquidity
- Cash flow from operating activities in the 2023 financial year amounted to €1,403.7 million, corresponding to an increase of €796 million compared with the previous year. This rise was chiefly due to a significant increase in profit before tax and a decrease in working capital. As a result of higher cash outflows for investments in tangible assets as well as acquisitions, there was a higher negative cash flow from investing activities of €-515.3 million (previous year: €-434.2 million).
- Cash flow from financing activities in the year under review was €-415.6 million (previous year: €-522.2 million). The cash outflows mainly concerned the repayment of financial debts. On the basis of the assessment of the Board of Management, the Group can meet all of its payment obligations without any restrictions.
