DHL 1999 Annual Report Download - page 96

Download and view the complete annual report

Please find page 96 of the 1999 DHL annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 139

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139

Notes
107
Sales and acquisitions of subsidiaries affected the
earnings position as follows:
The contribution of WohnBau Rhein-Main AG sold on
June 30,1999 to the 1999 Group profit amounted to EUR
-3 million. Its contribution to the 1998 Group profit
amounted to EUR 1 million. The sales of other com-
panies were without significant effects on the 1999
Group profit. The contribution of companies acquired
in the period under review to the 1999 Group profit
amounted to EUR -8 million.
Paragraph 44 provides a list of principal affiliated com-
panies, Group companies and associated companies.A
full list of Deutsche Post investments is filed with the
Commercial Registry of the Bonn District Court.
(3) Foreign currency translation
Currency translation (Euro) of the financial statements
of included foreign subsidiaries was made in accordance
with the functional currency method,in line with IAS 21
(The Effects ofChanges in Foreign Exchange Rates).The
functional currency of all foreign subsidiaries is the local
currency, as the subsidiaries pursue their business
independently in terms of finances, commerce and
organization. Therefore, in the Consolidated Financial
Statements, the translation of all items shown in the
balance sheets of these companies from foreign curren-
cies into Euro was performed using the middle rates on
the balance sheet date. Gains and losses resulting from
translation were recorded, without affecting net income,
directly to retained earnings. Expenditures and income
were translated at the average annual exchange rate.Cur-
rency translation differences arising therefrom as well as
from foreign currrency translations of prior year carry
forwards are recorded under shareholders’equity, with-
out affecting net income.
The following exchange rates were applied for currency
translation:
Currency Country Exchange rate
on balance sheet
1999, 1 EUR =
Exchange rate
on balance sheet
1998, 1 EUR =
Average
exchange rate
1999,1 EUR =
Average
exchange rate
1998, 1 EUR =
USD
CHF
GBP
SEK
PLZ
CZK
ATS
BEF
FRF
IEP
ITL
NLG
PTE
ESP
U.S.A. 1.00460 1.16906* * 1.05803 1.11177* *
Switzerland 1.60510 1.60052* * 1.60103 1.61088* *
U.K. 0.62170 * 0.65549 *
Sweden 8.56250 * 8.78688 *
Poland 4.15870 4.09058* * 4.23165 3.88934* *
Czech Rep. 36.10300 34.93177* * 36.87396 35.84732* *
Austria 13.76030 13.76030* * 13.76030 13.76029* *
Belgium 40.33990 40.34053* * 40.33990 40.34636* *
France 6.55957 * 6.55957 *
Ireland 0.78756 0.78753* * 0.78756 0.78080* *
Italy 1,936.27000 * 1,936.27000 *
Netherlands 2.20371 2.20368* * 2.20371 2.20465* *
Portugal 200.48200 * 200.48200 *
Spain 166.38600 * 166.38600 *
* ) No Group company with a financial statement in this currency in 1998
* * ) No currency translation rate in 1998; for comparisons the rate 1 EUR = DEM 1.95583 was assumed in 1998