DHL 2000 Annual Report Download - page 96

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The changes in the consolidated group through the sale
of the following significant subsidiaries affected the
Group’s net assets, financial position and results of
operations as follows:
Note 46 provides a list of the significant affiliated com-
panies,joint ventures and associated companies.
A complete list of Deutsche Post AG’s ownership in-
terests has been filed with the Commercial Register
of the Municipal Court of Bonn.
(4) Foreign currency translation
The financial statements of the consolidated group com-
panies that were prepared in foreign currency were
converted into Euro in accordance with the functional
currency method of IAS 22 (The Effects of Changes
in Foreign Exchange Rates). For all subsidiaries of
Deutsche Post World Net,the functional currency is
the local currency because the enterprises operate inde-
pendently in terms of the their financial and commer-
cial activities and organizational structure.Accordingly,
foreign currency denominated assets and liabilities
are translated at the mean rates on the consolidated
financial statements date. Expenses and income are
generally translated at annual average rates.The result-
ing currency differences are included in equity without
effects on profits.
Goodwill arising out of the capital consolidation of
foreign companies is translated at the rates in effect
on the acquisition dates and maintained by taking
into account scheduled amortization.
The following exchange rates were generally applied
for currency translation within the Group:
Companies
RemarksDate of
disposal
EXPRESS
Belgian Parcel Distribution N.V., Boom/Belgium January 2000 Merger
Deutsche Post Express und Transport GmbH, Bonn January 2000 Merger
Nedlloyd ETD Holding B.V., Rotterdam, Netherlands January 2000 Merger
Transportes y Servicios Rapidos Transserra S.A.,
Madrid April 2000 Sale
Fortress Europe Direct Marketing Limited,
Dublin/Ireland April 2000 Sale
LOGISTICS
Chemoldanzas Kft, Budapest/Hungary March 2000 Sale
Danzas Inc., Ontario/Canada May 2000 Merger
Deutsche Post Transport GmbH, Bonn January 2000 Merger
Nedlloyd Fashion Services Spa, Molzo/ Italy June 2000 Merger
Nedlloyd AG, Pratteln/Switzerland January 2000 Merger
Nedlloyd Road Cargo Transitarios Lda,
Lisbon/Portugal May 2000 Merger
Other
Deutsche Post Wohnbau Daheim GmbH,
Darmstadt Sept. 2000 Sale
88
Transserra*
in millions
Intangible assets 4 0 0
Property, plant and equipment 1 8 0
Financial assets 0 0 0
Provisions 0 30 0
* Values at the time of final consolidation. There was no material income from final consolidation.
Wohnbau
“Daheim”*
Fortress
Europe*