DHL 2015 Annual Report Download - page 67
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Deutsche Post Group — Annual Report
Liquidity and sources of funds
As at the balance sheet date, the Group had cash and cash equivalents in the amount of
. billion (previous year: . billion) at its disposal. A large portion of this is held
directly by Deutsche Post . Most of the cash is invested centrally on the money mar-
ket. ese central short-term money market investments had a volume of . billion
as at the balance sheet date.
Table . gives a breakdown of the nancial liabilities reported in our balance sheet.
Further information on recognised nancial liabilities is contained in the Notes.
Financial liabilities .
m
2014 2015
Bonds 4,290 4,304
Due to banks 184 166
Finance lease liabilities 210 167
Liabilities to Group companies 23 26
Financial liabilities at fair value through profit or loss 145 125
Other financial liabilities 317 390
5,169 5,178
Operating leases remain an important source of funding for the Group. We mainly use
operating leases to nance real estate, although we also nance aircra, vehicle eets
and equipment.
Operating lease liabilities by asset class .
m
2014 2015
Land and buildings 5,375 5,929
Aircraft 1,083 1,072
Transport equipment 576 472
Technical equipment and machinery 67 70
Other equipment, operating and oce equipment, miscellaneous 54 39
7,155 7,582
Operating lease obligations increased signicantly year-on-year to . billion, with new
long-term agreements – primarily for real estate – overcompensating considerably for
the reduction in the remaining terms of legacy agreements.
Capital expenditure above prior-year level
e Group’s capital expenditure (capex) was , million at the end of December ,
. above the prior year’s gure of , million. Funds were used mainly to replace
and expand assets as follows: , million was invested in property, plant and equip-
ment and million in intangible assets excluding goodwill. Investments in property,
plant and equipment related to advance payments and assets under development
(, million), transport equipment ( million), land and buildings ( million),
technical equipment and machinery ( million), equipment ( million), oper-
ating and oce equipment ( million) as well as aircra ( million).
Note
Capex by region .
m
Germany
911
1,092
Europe (excluding Germany)
574
300
Americas
267
223
Asia Pacific
223
191
Other regions
49
70
57
Group Management Report — REPORT ON ECONOMIC POSITION — Financial position