DHL 1998 Annual Report Download - page 78

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(6) The subcribed capital was presented by 42,800,000 bearer shares of DM 50
each.
(7) The capital reserve decrease is due to the deduction of asset-side accounting
differences resulting from goodwill capitalized and subsequently deducted
in 1997, amounting to DM 44 million. It is also due to a first capital con-
solidation of DM 643 million. This includes accounting differences resulting
from the first capital consolidation using the equity method, amounting to
DM 530 million. The capital reserve at the balance sheet date consists of
amounts taken to the reserve under 272(2) no.1 of the Commercial Code.
(8) The retained earnings of DM 526 (783) include the following:
The accounting difference from debt consolidation is due to discounting of
loans to affiliated companies prior to their incorporation in Deutsche Post
AG on 1 January 1995. The accounting difference from capital consolida-
tion is mainly due to the first capital consolidation in 1995. In both cases
the accounting differences are mainly due to the final consolidation of
Deutsche Post Wohnbau GmbH, Düsseldorf, and Deutsche Post Wohnbau
Köln GmbH, Köln.
(9) Pension accruals represent obligations to serving and retired management
staff and employees subject to collective bargaining agreements. The accruals
for similar obligations were set up for retrospective contributions.
In 1998,Deutsche Post set up accruals amounting to DM 1,493 (2,410) million
for part of the indirect obligations to pensioners of the VAP (Deutsche
Bundespost’s Supplementary Pensions Fund).These obligations were accrued
for the first time in 1997, and prior to that year had been disclosed only in
the notes to the financial statements.
Deutsche Post AG has pension obligations amounting to DM 3,896 (5,010)
million to non-civil-service employees which are in excess of the pension
accruals set up in 1998. These obligations were computed using actuarial
methods and in accordance with the rules for pension accruals set out in
section 6a of the Income Tax Law.
Deutsche Post AG also has indirect obligations through Deutsche Post
Pensions-Service e.V. relating to pensions and allowances payable to retired
civil servants and corresponding expectancies of serving civil servants.
These obligations are partly funded by regular contributions from
Deutsche Post AG. The amount of these obligations was determined by
actuarial valuation to be approximately DM 14,448 (16,710) million.
74
1998 1997
Special contingency reserve pursuant to section 17(4)
Deutsche Mark Balance Sheet Act 398 398
Accounting difference from debt consolidation 24 262
Accounting difference from capital consolidation 81 109
Other retained earnings 23 14
526 783
Group Annex