DHL 1999 Annual Report Download - page 28

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Management Report
5.5. Balance sheet total
With a consolidated total of EUR 77.1 billion, the
Group’s total assets grew by five times over the previous
year.Our new acquisitions – and Postbank in particular
– were decisive factors behind this increase.
Our Consolidated Balance Sheet is an industrial balance
sheet in which the following items refer almost exclu-
sively to Postbank operations:“Receivables and market-
able securities from financial services”on the assets side
and “Liabilities from financial services”on the liabilities
side. A comparison of the Group’s balance sheet total
(including Postbank) and the balance sheet total of
Postbank alone reveals that Postbank brought in EUR
59.1 billion (before consolidation) – in other words,
93.9 percent – of the Group’s EUR 63.0 billion total
non-current assets.The picture looks much the same on
the liabilities side, with Postbank contributing EUR 56
billion in liabilities – 91.4 percent – of the Group’s EUR
61.3 billion in total liabilities.
In general, most of the changes in the Consolidated
Balance Sheet are the result of acquisitions.The increase
in intangible assets – to approximately EUR 2 billion -
was due solely to the increase in goodwill resulting from
the acquisitions made during the 1999 business year.
The growth in the amount of receivables and other
assets to a total of EUR 5.3 billion can be attributed pri-
marily to the increase in trade receivables among our
new acquisitions.
The changes seen on the liabilities side of the balance
sheet are due particularly to the increases in sharehold-
ers’equity and in provisions and other liabilities.Share-
holders’ equity rose to EUR 2.7 billion, primarily
through the increase in Group profit.
5.6. Human resources
Our total workforce, including part-time employees,
grew by 15.6 percent to 301,229 as of December 31,
1999. Of this growth, some 61,000 employees came
from new acquisitions completed during the 1999
business year. This figure also includes the entire work-
force of our joint ventures. The Group employed
264,424 full-time equivalents as of December 31, 1999.
We also reduced the number of employees within Deut-
sche Post AG by some five percent to 243,933 (incl.
trainees).
Measured in terms of sales volume, staff costs for the
entire Group fell from 67.2 percent of sales in 1998 to
51.4 percent in 1999. This was due to staff level adjust-
ments at Deutsche Post AG and to structural changes
arising from the integration of the logistics business,
which does not provide for such a large workforce.
5.7. Capital expenditures
Total investment transacted by the Group in 1999 rose
to EUR 5,035 million, six times the amount invested in
the previous year.Much of this increase was due to new
acquisitions effected during the year. The LOGISTICS
corporate division with segment investments worth
EUR 2,033 million and the FINANCIAL SERVICES
corporate division with EUR 1,329 million in invest-
ments were important contributors to this growth.
6. Corporate divisions
Deutsche Post World Net conducts its operational busi-
ness through four independently managed corporate
divisions, namely, MAIL, EXPRESS, LOGISTICS and
FINANCIAL SERVICES. Besides
being responsible for
generating profit, these organization
al units are also
independently responsible for their own strategic and
operational development. The corporate divisions are
directed by the Corporate Board of Management and are
headed by respective divisional boards.
27