DHL 2015 Annual Report Download - page 192
Download and view the complete annual report
Please find page 192 of the 2015 DHL annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Deutsche Post Group — Annual Report
e assets acquired and liabilities assumed in the course of
company acquisitions undertaken in nancial years and
are presented below, in accordance with . d, Note .
m
2014 2015
Non-current assets 3 0
Current assets (excluding cash and cash
equivalents) 11 0
Non-current provisions and liabilities 0 0
Current provisions and liabilities 9 0
e following table shows the calculation of free cash ow:
Calculation of free cash flow
m
2014 2015
Net cash from operating activities 3,040 3,444
Sale of property, plant and equipment and
intangible assets 200 175
Acquisition of property, plant and equipment
andintangible assets –1,750 –2,104
Cash outflow arising from change in property,
plant and equipment and intangible assets –1,550 –1,929
Disposals of subsidiaries and other business units 4 15
Disposals of investments accounted for using
theequity method and other equity investments 0 223
Acquisition of subsidiaries and other business units –5 0
Acquisition of investments accounted for using
theequity method and other equity investments –1 0
Cash outflow / inflow arising from acquisi-
tions / divestitures –2 238
Interest received 45 47
Interest paid –188 –76
Net interest paid –143 –29
Free cash flow 1,345 1,724
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 rose from , million in the previous year to
, million in . is is primarily attributable to the signi -
cant increase in net cash from operating activities and cash inows
from the disposal of equity investments. Free cash ow was reduced
due primarily to the increased amount of cash paid to acquire prop-
erty, plant and equipment, and intangible assets.
. Net cash used in financing activities
At , million, net cash used in nancing activities was down by
a substantial million on the previous year.
e repayment of a bond in the previous year made a signi -
cant contribution of million towards repayments of non-
current nancial liabilities in the amount of , million, com-
pared with million in . e largest payment item, the
dividend payment to the shareholders of Deutsche Post , was up
million on the previous year at , million.
By contrast, there was a signicant decline in interest paid; in
the rst quarter of , interest rate swaps for bonds were un-
wound, leading to a cash inow. e accounting treatment of these
inows is the same as for the hedged item. For this reason, only
small interest payments of million are reported for the year
under review (previous year: million).
. Cash and cash equivalents
Aer adjustment for currency eects and the changes in cash and
cash equivalents related to assets held for sale, the cash inows and
outows described above produced cash and cash equivalents of
, million, Note . is represents a year-on-year increase
of million.
182