DHL 2002 Annual Report Download - page 108

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The effects from section 8b KStG (German Corporate
Income Tax Act) relate primarily to equities and equity
investments, as well as special funds of the Deutsche Postbank
group, and the resulting additional reduction in tax loss
carryforwards. Due to uncertainty about future utilization
for tax purposes, no deferred tax assets were recognized for
tax loss carryforwards and the recognition of restructuring
provisions relating to certain foreign companies. The
“Other” item contains the adjustments from the German
Flood Victims Act, as well as tax-exempt income and non-
allowable expenses.
The difference between the expected and the effective
income tax expense is also due in particular to temporary
differences between the carrying amounts in the IAS financial
statements and in the tax accounts of Deutsche Post AG
resulting from initial differences in the opening tax accounts
as of January 1, 1996. In accordance with IAS 12.15 (b)
and IAS 12.24 (b), the Group did not recognize any tax
assets on these temporary differences, which relate mainly to
property, plant and equipment, the goodwill carried in the
tax accounts and to pensions and other employee benefits.
The remaining temporary differences between the
carrying amounts in the IAS financial statements and in the
opening tax accounts amount to €6.2 billion as of December
31, 2002 (previous year: €6.8 billion).
Net profit for the period before minority
interest and extraordinary expense
Deutsche Post World Net recorded a net profit for the period
before minority interest and extraordinary expense of
€1,590 million. This amount includes the taxes at the reporting
date in full. Adjusted for the tax effect of the extraordinary
expense (tax income of €215 million), the reported net profit
for the period before minority interest and extraordinary
expense would have been €1,375 million.
Minority interest
The profit for fiscal year 2002 attributable to minority share-
holders amounts to €31 million (previous year: €13 million),
and losses attributable to minority shareholders amount to
€7 million (previous year: €3 million).
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Extraordinary expense
The extraordinary expense of €907 million is a result of the
European Commission’s state aid ruling. Further details can
be found in note 8. This expense was recognized gross of the
attributable taxes of €215 million.
Earnings per share
Basic earnings per share are computed in accordance with
IAS 33 (Earnings per Share) by dividing consolidated net
profit by the average number of shares. Basic earnings per
share for fiscal year 2002 were €0.59 (previous year: €1.42).
To compute diluted earnings per share, the average
number of shares outstanding is adjusted for the number
of all potentially dilutive shares. There were 7,190,106 stock
options for employees (previous year: 7,387,544) and
10,306,038 stock options for executives (previous year:
5,173,140) at the reporting date. There was no difference in
the amount of basic and diluted earnings per share in the
year under review.
Dividend per share
A dividend of €445 million is being proposed for fiscal year
2002. Based on the 1,112,800,000 shares recorded in the
commercial register, this corresponds to a dividend per share
of €0.40. The dividend in the previous year amounted to
€412 million, for a dividend per share of €0.37.
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Financial Statements
Notes
2001 2002
Average number of shares outstanding 1,112,800,000 1,112,800,000
Average number of shares
after the effect of dilution 1,112,800,000 1,112,800,000
Consolidated net profit in €m 1,577* 659
Diluted earnings per share in € 1.42 0.59
*Prior-period amount restated (see note 7)
Diluted earnings per share