DHL 1999 Annual Report Download - page 93

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104
Notes to the Consolidated Financial Statements
(1) Accounting policies
The annual financial statements of Deutsche Post AG
for the 1999 business year have been prepared in com-
pliance with the International Accounting Standards
(IAS) approved and published by the International
Accounting Standards Committee (IASC), and their
interpretations by the Standing Interpretations Com-
mittee (SIC).Standards that have not taken effect whose
application is,however,recommended by the IASC have
been generally observed. The IAS and SIC interpreta-
tions applied are listed in Paragraph 5.
With its Consolidated Annual Financial Statements in
accordance with IAS, Deutsche Post AG made use of its
option,stipulated by Section 292a Commercial Code,to
prepare the annual financial statements in accordance
with internationally accepted accounting standards
while at the same time giving up the preparation of
annual financial statements in accordance with the pro-
visions of the German Commercial Code. The exemp-
tion is justified, as DSL Holding AG, being an included
company, was quoted on the stock exchange as of
December 31,1999 and therefore,according to Section 2
(1) Sentence 1 of the Securities Trading Act, has its
shares traded on a regulated market. In assessing
whether Consolidated Annual Financial Statements and
the Consolidated Management Report are in accor-
dance with the 7th EC Directive we refer to the interpre-
tation by the German standardization body DRSC e.V.
in the Deutscher Rechnungslegungsstandard Nr.1
(DRS1,German accounting standard No.1).
For a greater transparency of the influence exerted by
the Deutsche Postbank Group on the Consolidated
Annual Financial Statements of Deutsche Post AG, the
Income Statement, Balance Sheet and Cash Flow State-
ment are complemented by a separate presentation of
the Deutsche Postbank Group. This presentation is to
take into account the specific business activities of the
FINANCIAL SERVICES corporate division.For reasons
of comparability with other financial service providers
operating on the market, the Deutsche Postbank Group
is shown as a sub-group, i.e. before consolidation with
the remaining Deutsche Post Group (stand-alone pres-
entation), by applying the structure of the Group as a
whole. The sub-group’s financial statements have also
been prepared on the basis of the International Account-
ing Standards.
(2) The consolidated Group
The Consolidated Financial Statements cover, besides
Deutsche Post AG, all domestic and foreign companies
with business activities, in which Deutsche Post AG
directly or indirectly has majority voting rights. The
consolidated Group includes Deutsche Post AG as the
parent company,75 domestic and 222 foreign companies.
Following the materiality principle, 38 companies were
not included in the Consolidated Financial Statements,
because they were not material to the results of Deutsche
Post World Net.
Two domestic and 41 foreign Group companies were
included on the basis of proportionate consolidation
principles. Seven Group companies were not included,
because they were not material to the results ofthe Group.
Six domestic and 11 foreign companies were included
using the equity method.17 more associated companies
that were not material to the results of the Group were
included using the book value method.