DHL 2015 Annual Report Download - page 191

Deutsche Post  Group —  Annual Report
CASH FLOW DISCLOSURES
 Cash flow disclosures
e cash ow statement is prepared in accordance with  , State-
ment of Cash Flows and discloses the cash ows in order to present
the source and application of cash and cash equivalents. It distin-
guishes between cash ows from operating, investing and nancing
activities. Cash and cash equivalents are composed of cash, cheques
and bank balances with a maturity of not more than three months,
and correspond to the cash and cash equivalents reported on the
balance sheet. e eects of currency translation and changes in the
consolidated group are adjusted when calculating cash and cash
equivalents.
Non-cash transactions were entered into in nancial year 
which were not included in the cash ow statement in accordance
with  . and .. ey related to  properties that were
contributed to Deutsche Post Pensions-Treuhand GmbH & Co. .
Although income was recognised as a result of the contribution, no
cash or cash equivalents were received.
. Net cash from operating activities
Cash ows from operating activities are calculated by adjusting con-
solidated net prot / loss for tax expenses, net nancial income / net
nance costs and non-cash factors, as well as taxes paid, changes in
provisions and in other non-current assets and liabilities (net cash
from operating activities before changes in working capital). Ad-
justments for changes in working capital (excluding nancial liabil-
ities) result in net cash from or used in operating activities.
Net cash from operating activities rose from , million to
, million in nancial year , despite the  million de-
cline in .
e depreciation, amortisation and impairment losses con-
tained in  are non-cash eects and are therefore eliminated.
ey increased from , million to , million in the report-
ing year, primarily due to the impairment losses of  million
recognised in relation to . e gains on the disposal of non-
current assets of  million 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. is item includes the proceeds from the sale of the invest-
ments in Sinotrans and King’s Cross, in particular.
Non-cash income and expenses, which increased  by
 million but did not lead to a cash inow, were also adjusted. In
the previous year, at  million non-cash income and expenses were
markedly lower, due to the remeasurement of assets in particular.
At – million, the change in provisions declined by  million
year-on-year, above all because restructuring provisions in the
Express division had been reversed in the previous year.
e change in current assets and liabilities led to a net cash
inow of  million. In the previous year, the change in this item
resulted in an outow of  million. e reduction in receivables
and other current assets in the reporting year in particular made a
signicant contribution to this development.
Non-cash income and expense
 m
2014 2015
Expense from remeasurement of assets 127 60
Income from remeasurement of liabilities –161 –140
Income from disposal of assets 0 –31
Staff costs relating to equity-settled share-based
payments 30 37
Miscellaneous 0 6
Non-cash income –4 – 68
. Net cash used in investing activities
Cash ows from investing activities mainly result from cash re-
ceived 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 and outows from changes in current nancial assets are also
included.
At , million, net cash used in investing activities was
 million higher 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. More than one-third of the investments were
attributable to the Express division and related mainly to the main-
tenance of the aircra eet and expansion of the global and regional
hubs in Leipzig, Cincinnati, Singapore, Brussels and East Midlands.
Proceeds from the disposal of non-current assets had an osetting
eect, increasing from  million to  million. is included
the proceeds from the sale of the investments in Sinotrans and
King’s Cross, amongst other things.
e cash inow from the disposal of current nancial assets
declined by  million. e purchase and sale of money market
funds, in particular, had increased this item in the previous year,
with a total cash inow of  million. is compares with a cash
inow of  million in the reporting period from the sale of
money market funds.
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Consolidated Financial Statements — NOTES — Balance sheet disclosures — Cash flow disclosures