DHL 2000 Annual Report Download - page 98

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In accordance with IAS 31, joint venture companies
are generally included in the consolidated financial
statements on a proportionate basis: The assets, liab-
ilities,income and expenses of the jointly controlled
companies are reported in the consolidated financial
statements in proportion to the interest the parent
holds in the respective company.Proportionate con-
solidation and the recognition and measurement of
goodwill are based on principles consistent with those
applied for the consolidation of subsidiaries.
Companies on which a controlling influence may be
exercised (associated companies) are valued at equity
in the form of the book value method.Any goodwill
is reported under shares in associated companies.
Inter-group revenue, other operating income and ex-
penses as well as receivables and payables or provi-
sions, respectively, are eliminated. Inter-group profit
and losses not realized through sales to third parties
are also eliminated.
(6) Application of IAS and SIC interpretations
The consolidated financial statements of Deutsche
Post AG are based on those IAS and SIC interpreta-
tions to be applied obligatorily. Standards and inter-
pretations that have not become effective,but whose
early application is, however,recommended by the
IASC, have also been taken into consideration. The
following new or revised standards were used in the
consolidated financial statements of Deutsche Post
World Net for the year ending December 31,2000:
• IAS 16 (revised 1998) Property, Plant and Equip-
ment
• IAS 22 (revised 1998) Business Combinations
• IAS 36 Impairment of Assets
• IAS 38 Intangible Assets
• IAS 40 Investment Property
The early application of IAS 39 Financing Instruments
was dispensed with.
The application of IAS 16 (revised 1998), IAS 36,IAS
38 and IAS 40 resulted in no reporting, accounting
and valuation changes.The following changes result-
ed from the application of IAS 22 (revised 1998):
• The negative goodwill from the acquisition of
Deutsche Postbank AG,which was reported under
deferred income in the 1999 consolidated financial
statements was reclassified in accordance with IAS
22.64 (revised 1998) to the intangible assets of the
Group. On December 31,2000, a residual negative
goodwill of €1,714 million (December 31,1999:
€1,929 million after restatement,cf.note 7) was rec-
ognized.The negative goodwill will continue to be
amortized over a period of ten years.The amortiza-
tion period corresponds,in accordance with IAS
22.61,to the period of the anticipated restructuring
program of the Deutsche Post group. The income
from amortization of the negative goodwill is in-
cluded under the item “other operating income”.
The transitional provisions of IAS 22 (revised 1998)
require that the residual negative goodwill be amorti-
zed over the remaining average useful life of the ac-
quired, identifiable,depreciable non-monetary assets
of the Deutsche Postbank group. However,an amor-
tization period of 31 years based on this requirement
does not reflect the character and economic background
of the negative goodwill with respect to Deutsche Post-
bank group.
90