DHL 2015 Annual Report Download - page 70
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Please find page 70 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
Free cash ow improved by million year-on-year to , million, due primarily
to a sharp rise in net cash from operating activities. Cash inows from the disposal of
the equity investments also helped to increase this item. A sharp fall in interest paid also
contributed to the improvement in free cash ow; in the rst quarter of , we un-
wound interest rate swaps for bonds, which led to a cash inow. e accounting treat-
ment of these inows is the same as for the hedged item. For this reason, we are only
reporting small interest payments of million in the reporting year (previous year:
million). Free cash ow was reduced due primarily to the increased amount of cash
paid to acquire property, plant and equipment and intangible assets.
At , million, net cash used in nancing activities was signicantly lower than
in the previous year (, million). In the previous year, the repayment of a bond of
million made a signicant contribution to the cash outow. At , million, the
dividend paid to our shareholders was again the largest payment item in . It in-
creased by million year-on-year.
Changes in the individual activities saw cash and cash equivalents increase from
, million as at December to , million.
Net assets
Selected indicators for net assets .
31 Dec. 2014 31 Dec. 2015
Equity ratio 25.9 29.8
Net debt m 1,499 1,093
Net interest cover 20.7 83.1
Net gearing 13.5 8.8
to debt 1 27.7 29.1
1 Calculation Financial position, page .
Increase in consolidated total assets
e Group’s total assets amounted to , million as at December , mil-
lion higher than at December (, million).
At , million, non-current assets were up on the previous year’s gure of
, million. Intangible assets increased by million to , million, driven
primarily by a rise in goodwill that was due to exchange rate movements. However, the
impairment losses on intangible assets in relation to reduced this item by mil-
lion. Property, plant and equipment increased by million to , million as add-
itions and positive currency eects exceeded depreciation, impairment losses and dis-
posals. e reversal of impairment losses in the Express Americas region also contributed
to the rise. In contrast, non-current nancial assets decreased from , million to
, million, due primarily to the sale of shares in equity investments. Deferred tax
assets changed from , million to , million.
At , million, current assets were at the previous year’s level (, million).
Inventories decreased by million to million. e sale of money market funds
worth million was the main reason for the signicant decline in current nancial
assets from million to million. Trade receivables declined by million to
, million, although foreign currency eects of million had an osetting eect.
Other current assets also decreased, declining by million to , million. e
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