DHL 2002 Annual Report Download - page 147

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62
Explanatory Notes to the Consolidated Financial Statements
including the Deutsche Postbank Group at Equity
Compared with the full consolidation of the Deutsche
Postbank group as applied to the consolidated financial state-
ments of Deutsche Post AG, accounting for the Deutsche
Postbank group using the equity method has the following
consequences:
The assets and liabilities of the Deutsche Postbank group
are not recognized in the consolidated balance sheet, and its
expenses and income are not recognized in the consolidated
income statement.
The consolidation adjustments for the full consolidation
of Deutsche Postbank group have not been recognized.
Transactions between the Deutsche Postbank group and the
other Group companies are included in the financial state-
ments. However, intercompany profits and losses between
the Deutsche Postbank group and the fully consolidated
Group companies have been eliminated as required for the
inclusion of associates (SIC-3).
The investments in the Deutsche Postbank group carried
at equity are reported under noncurrent financial assets.
The investment income resulting from accounting
for the investment in Deutsche Postbank group using the
equity method is disclosed as a separate item in net financial
income. Accordingly, net financial income includes the
proportionate net profit for the period and the income from
the reversal in full of the negative goodwill of the Deutsche
Postbank group.
The activities of the Deutsche Postbank group differ sub-
stantially from the ordinary activities of the other companies
in Deutsche Post World Net. To enable a clearer presentation
of the net assets, financial position and results of operations
of the Group, the Deutsche Postbank group was excluded
from full consolidation in the accompanying consolidated
financial statements for the period ended December 31, 2002.
The Deutsche Postbank group is accounted for in these
financial statements only as a financial investment carried
at equity.
The consolidated financial statements of Deutsche Post
AG including the Deutsche Postbank group at equity were
prepared in accordance with the International Accounting
Standards (IASs, in future: “International Financial Reporting
Standards” – IFRSs) adopted and published by the Inter-
national Accounting Standards Board (IASB), and with the
interpretations issued by the Standing Interpretations
Committee (SIC, now renamed “International Financial
Reporting Interpretations Committee” – IFRIC), required
to be applied as of the reporting date.
The accounting treatment differs from the standards
required by the IASs to the extent that the Deutsche Postbank
group was not fully consolidated, as required by IAS 27, but
was accounted for at equity.