DHL 2014 Annual Report Download - page 197

e gains on the disposal of non-current assets of  mil-
lion are not included in net cash from operating activities in the
cash ow statement. ey have therefore been adjusted in the net
income from the disposal of non-current assets and are presented
instead in the cash ows from investing activities. At – mil-
lion, the change in provisions rose by – million year-on-year,
particularly due to the reversal of restructuring provisions in the
Express division.
e change in current assets and liabilities led to a net cash
outow of  million. In the previous year, the change in this item
resulted in an outow of  million. e reduction in inventor-
ies in  in particular made a signicant contribution to this
development.
Non-cash income and expense
 m 2013
adjusted 1
2014
Expense from remeasurement of assets 122 127
Income from remeasurement of liabilities –113 –161
Income from disposal of assets –11 0
Staff costs relating to equity-settled share-based
payments 20 30
Miscellaneous –6 0
Non-cash income and expense 12 –4
1 Note .
. Net cash used in investing activities
Cash ows from investing activities mainly result from cash
received from disposals of non-current assets (divestitures) and
cash paid for investments in non-current assets.
Interest received from investing activities as well as cash in-
ows from changes in current nancial assets are also included.
At , million, net cash used in investing activities was
 million lower than in the previous year. e most signicant
item was the cash paid to acquire property, plant and equipment,
and intangible assets, which was up  million on the previous
year, at , million. e increase was attributable to the 
divisions, with the Express division in particular signicantly
expanding its investments in regional and global hubs.
e change in current nancial assets, in particular, led to a
signicant net cash inow of  million. e sale of money mar-
ket funds resulted in a cash inow of  million at the beginning
of the year, whilst towards the end of the year excess liquidity of
 million was reinvested in short-term capital market instru-
ments. In the previous year, the investment of short-term liquidity
led to a cash outow of  million.
e following assets were acquired and liabilities assumed as
a result of company acquisitions; Note :
 m
2013 2014
Non-current assets 2 3
Current assets (excluding cash and cash equivalents) 8 11
Non-current provisions and liabilities 0 0
Current provisions and liabilities 7 9
e following table shows the calculation of free cash ow:
Calculation of free cash flow
 m 2013
adjusted 1
2014
Net cash from operating activities 2,989 3,040
Sale of property, plant and equipment
and intangible assets 177 200
Acquisition of property, plant and equipment
and intangible assets –1,381 –1,750
Cash outflow arising from change in property,
plant and equipment and intangible assets –1,204 –1,550
Disposals of subsidiaries and other business units 32 4
Disposals of investments accounted for using
theequity method and other equity investments 0 0
Acquisition of subsidiaries and other business units –37 –5
Acquisition of investments accounted for using
theequity method and other equity investments 0–1
Cash outflow arising from acquisitions /
divestitures –5 –2
Interest received 55 45
Interest paid –166 –188
Net interest paid –111 –143
Free cash flow 1,669 1,345
1 Note .
Free cash ow is considered to be an indicator of how much cash is
available to the company for dividend payments or the repayment
of debt.
Free cash ow declined from , million in the previous
year to , million in the reporting period. is is primarily at-
tributable to the increase in cash paid to acquire property, plant
and equipment and intangible assets.
. Net cash used in financing activities
Net cash used in nancing activities rose by , million to
, million.
e repayment of a bond in January made a signicant con-
tribution of  million towards repayments of non-current
nan cial liabilities in the amount of , million. In the previous
year, in contrast, the issue of two bonds with a ve-year and ten-
year term resulted in a cash inow of  million for each bond.
In addition, the change in current nancial liabilities led to a cash
inow of  million in the previous year compared with a cash
outow of  million in .
Deutsche Post  Group —  Annual Report
191
Consolidated Financial Statements — NOTES — Balance sheet disclosures — Cash flow disclosures