DHL 2014 Annual Report Download - page 66
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At , million, current and non-current liabilities were on a par with the
previous year (, million). Financial liabilities decreased by million to
, million, mainly as a result of the repayment in January of a bond in the amount
of million. Trade payables, on the other hand, increased signicantly by mil-
lion to , million. Higher customs and duties, amongst other factors, led to a rise in
other current liabilities from , million to , million. At , million, cur-
rent and non-current provisions were signicantly higher than as at December
(, million): a decline in discount rates led in particular to the recognition of addi-
tional provisions for pensions.
Net debt unchanged at , million
As at December , our net debt of , million was exactly at the prior- year
level. e equity ratio declined from . in the previous year to . as at the
reporting date.
e dynamic gearing ratio is an indicator of internal nancing capacity and ex-
presses the average number of years a company would require to pay o its outstanding
debt using the cash ow generated from operating activities. It amounted to . years
in nancial year .
Net interest cover shows the extent to which net interest obligations are covered by
. is indicator declined from . to .. Net gearing expresses the ratio of net
debt to the total of equity and net debt. is amounted to . at December .
. Net debt
m 31 Dec. 2013
adjusted 1
31 Dec. 2014
Non-current financial liabilities 4,599 4,655
Current financial liabilities 1,297 425
Financial liabilities 5,896 5,080
Cash and cash equivalents 3,414 2,978
Current financial assets 821 351
Long-term deposits 2 55 60
Positive fair value of non-current financial derivatives 2 107 192
Financial assets 4,397 3,581
Net debt 1,499 1,499
1 Note .
2 Reported in non-current financial liabilities in the balance sheet.
Deutsche Post Group — Annual Report
60