DHL 2015 Annual Report Download - page 189

Deutsche Post  Group —  Annual Report
Significant bonds
Nominal
coupon

Issue
volume Issuer
2014 2015
Carrying
amount
 m
Fair value
 m
Carrying
amount
 m
Fair value
 m
Bond  /  1.875 €750 million Deutsche Post Finance . .747 780 748 769
Bond  /  2.950 €500 million Deutsche Post Finance . .496 575 497 562
Bond  /  1.875 €300 million Deutsche Post  297 323 298 318
Bond  /  2.875 €700 million Deutsche Post  697 806 697 786
Bond  /  1.500 €500 million Deutsche Post  496 522 497 517
Bond  /  2.750 €500 million Deutsche Post  495 570 496 557
Convertible bond  /  10.600 €1 billion Deutsche Post  942 1,006 954 1,004
1 This relates to the debt component of the convertible bond; the equity component is recognised in capital reserves.
The fair value of the listed convertible bond was , million at the balance sheet date (previous year: , million).
e  billion convertible bond issued on  December  has
a conversion right, which allows holders to convert the bond
into a predetermined number of Deutsche Post  shares if
Deutsche Post ’s share price more than temporarily exceeds  
of the conversion price applicable at that time. e conversion right
may be exercised between  January  and  November .
Conversion price

Conversion price on issue 20.74
Conversion price after adjustment in  1 20.69
Conversion price after adjustment in  2 20.63
1 Adjustment after payment of a dividend of . per share.
2 Adjustment after payment of a dividend of . per share.
In addition, Deutsche Post  was granted a call option allowing it
to repay the bond early at face value plus accrued interest if
Deutsche Post ’s share price more than temporarily exceeds  
of the conversion price applicable at that time. e option can be
exercised between  December  and  November . For
contractual reasons, the convertible bond was split into a debt com-
ponent and an equity component. e equity instrument in the
amount of  million is reported under capital reserves. e value
of the debt component on the issue date calculated in accordance
with  . amounted to  million, including transaction
costs and the call option granted. Transaction costs of . million
and . million are included in the aforementioned amounts. In
subsequent years, interest will be added to the carrying amount of
the bond, up to the issue amount, using the eective interest method
and recognised in prot or loss.
. Finance lease liabilities
Finance lease liabilities mainly relate to the following items:
Leasing partner
Interest rate
End of term Asset
2014
 m
2015
 m
Deutsche Post Immobilien GmbH, Germany Various leasing partners 4.75 2023 / 2028 Real estate 109 103
 Express (Austria) GmbH, Austria Raiffeisen Impuls Immobilien GmbH 3.62 2019 Real estate 10 9
Deutsche Post , Germany -Systems International GmbH 4.25 2019  equipment 5 17
Deutsche Post Immobilien GmbH, Germany Lorac Investment Management Sarl 6.00 2016 Real estate 2 1
e leased assets are recognised in property, plant and equipment
at carrying amounts of  million (previous year:  million).
e dierence between the carrying amounts of the assets and the
liabilities results from longer useful lives of the assets compared
with a shorter repayment period for the lease instalments and un-
scheduled repayments of lease obligations. e notional amount of
the minimum lease payments totals  million (previous year:
 million).
Maturity structure
 m Present value
(finance lease liabilities)
Minimum lease payments
(notional amount)
2014 2015 2014 2015
Less than  year 19 26 26 32
More than  year
to years 109 64 131 86
More than  years 82 77 99 92
Total 210 167 256 210
179
Consolidated Financial Statements — NOTES — Balance sheet disclosures