DHL 1999 Annual Report Download - page 116

Notes
127
In the balance sheet, the financial asset securities are
recognized at cost. Premiums and discounts are rec-
ognized under the respective balance sheet item and
are accrued either as interest expenses (under raw ma-
terial and consumables used, and expenses from
banking operations) or as interest income (under reve-
nue and income from banking operations), taking their
maturities into consideration. In the case of lasting
impairment, depreciation is made on the lower value. If
the reasons for impairment cease to exist, a write-up is
performed, the maximum amount being the respective
purchasing cost.Depreciation is reported in the income
statement under other operating expenses; write-ups
are reported under other operating income.
(26) M arketable securities
All marketable securities of the Group that do not
belong to the financial assets or to the securities from
financial services are reported under this item. In ac-
cordance with IAS 25 (Accounting for Investments),
marketable securities are valued at market price.Depre-
ciation and appreciation on account of changed market
values were recognized in the income statement under
other financial income.
(27) Deferred taxes
Deferred tax assets are determined in line with IAS 12
(Income Taxes). They result primarily from tax losses
brought forward of Deutsche Post AG and Deutsche
Postbank AG. Deferred tax assets could be recognized
for the temporary differences between values used in
the commercial balance sheet and those used in the tax
balance sheet of Deutsche Post AG and Deutsche Post-
bank AG only to the extent that the differences occurred
after January 1,1996 (IAS 12.24 (b)).Deferred tax assets
must not be recognized for differences resulting from
the initial recognition in the opening tax balance sheet
of Deutsche Post AG and Deutsche Postbank AG at
January 1,1996. Deferred tax assets include:
(28) Issued capital
As in the 1998 financial year, the issued capital
amounting to EUR 1,094 million provides for a denom-
ination of 42,800,000 shares with a nominal value of
DEM 50. The shares are not subject to any restrictions.
On behalf of the Federal Republic of Germany,the Bun-
desanstalt für Post und Telecommunikation (Federal
Office for Post and Telecommunications) administers
Deutsche Post AG’s shares and holds a major stake in
the company, in accordance with Section 16 (1) of the
German Stock Corporation Act. On December 21,
1999, the Federal Republic of Germany sold 21,399,999
shares to the Kreditanstalt für Wiederaufbau, KfW
(Reconstruction Loan Corporation) in Frankfurt am
Main. The KfW therefore holds 50 percent of Deutsche
Post AG’s shares minus one share. No authorization
exists for the issue of further shares.
Deferred taxes on tax losses
brought forward
Deutsche Post AG
Deutsche Postbank AG
Other Group companies
Deferred taxes on temporary
differences
Deutsche Post AG
Deutsche Postbank AG
Other Group companies
1999 1998
1,117 894
744 0
91 83
1,952 977
137 210
172 0
7 0
316 210
2,268 1,187
EUR mill.