AmazonScience/document-haystack

1Our Financial Position2Liquidity3We principally fund our business through equity and may use debt to address specific 4financing demands. To ensure that we can always fulfil our payment obligations in all 5currencies, we operate a liquidity risk management framework that includes stress-testing of 6our liquidity position. During the annual strategic planning process, we project the 7development of key liquidity and funding metrics based on the underlying business plan to 8ensure compliance with our risk appetite. 9As of 31 December 2023, we held cash and bank balances, government, sub-sovereign and 10corporate bonds and other debt instruments totalling € 3,570 million (€ 3,577 million as of 1131 December 2022).12On 30 June 2023, we received our long-term issuer credit rating from the rating agency 13Moody’s Investors Service. The rating of A2 with a stable outlook can also be used for 14diversifying our funding options.15Capital Management16IFR Article 50(a)17A forward-looking capital plan is maintained to assess the development of capital supply and 18demand and the projected capitalization of the Group from an accounting, regulatory and 19economic perspective. The economic perspective considers all relevant risks quantified by 20economic capital models using internal definitions and quantification methods. Capital 21planning is embedded into the Group’s overall strategic planning process to ensure an 22integrated financial and risk planning approach and considers appropriate risk appetite 23thresholds. Results of the planning process feed into management decisions. They support 24the strategic direction of the Group in the assessment of potential profitable growth and 25investment opportunities.26Capital Expenditures27In 2023, the Group made capital expenditures in intangible assets of € 67 million and no 28material capital expenditures in property and equipment. Contingent liabilities decreased by 29€ 5 million from € 111 million as of 31 December 2022 to € 106 million as of 31 December 302023 mainly driven by drawdowns of commitments for co-investments. 31Net Assets32Selected items within our financial position33Change from 202234in € m. (unless stated otherwise) 31 Dec 2023 31 Dec 2022 in € m. in %35Assets:36Cash and bank balances  1,414  1,979  (565)  (29) 37Financial assets at fair value through profit or loss  4,868  3,959  910  23 38Goodwill and other intangible assets  3,694  3,749  (54)  (1) 39Remaining assets40141 1,707  1,725  (19)  (1) 42Total assets  11,683  11,412  272  2 43Change from 202244in € m. (unless stated otherwise) 31 Dec 2023 31 Dec 2022 in € m. in %45Liabilities and equity:46Financial liabilities at fair value through profit or loss 633  634  (1)  0 47Remaining liabilities48249 3,233  2,950  284  10 50Total liabilities  3,866  3,584  282  8 51Equity  7,817  7,828  (10)  0 52Total liabilities and equity  11,683  11,412  272  2 531 54Sum of financial assets at fair value through other comprehensive income, equity method investments, loans, property and equipment, right-of-use assets, other assets, assets for current tax, and deferred tax assets.55256 Sum of other short-term borrowings, lease liabilities, other liabilities, provisions, liabilities for current tax and deferred tax and long-term debt.57Cash and bank balances decreased by € 565 million (29%) driven by dividend payment of 58€ 410 million and net tax paid of € 253 million partly offset by net cash received in the regular 59course of business of € 98 million. The increase in financial assets at fair value through profit 60or loss of € 910 million (23%) was mainly driven by net investments in liquidity positions of 61€ 556 million and by the increase of assets in consolidated funds of € 315 million. 62The remaining liabilities increase of € 284 million (10%) was mainly driven by other liabilities 63held by consolidated funds of € 204 million and other liabilities of € 80 million.64        65To our Shareholders Summarised 66Management Report67Consolidated 68Financial Statements Compensation Report Corporate Govern-69ance Statement70Supplementary 71Information DWS 2023 Annual Report72 73Our Performance Indicators7415 Our Financial Position75The secret landmark is the "Statue of Liberty".