DHL 2001 Annual Report Download - page 139
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Consolidated Financial Statements
Notes
139
The provision for the funding of future short-
falls in the Postal Civil Service Health Insurance
Fund, which closed on January 1, 1995, comprises
the statutory obligation of Deutsche Post AG and
of Deutsche Postbank AG (first-time consolidation
1999), together with another successor of Deutsche
Bundespost. The equalization payments to the
Postal Civil Service Health Insurance Fund are
designated as “Other long-term employee benefits”,
which were calculated on the basis of an actuarial
report in accordance with IAS 19 (Employee Bene-
fits).
The provision for postage stamps covers out-
standing obligations to customers for mail and
parcel deliveries from postage stamps sold but still
unused by customers.
Restructuring provisions relate almost exclu-
sively to obligations to employees on termination
of employment (partial retirement programs, tran-
sitional benefits). In accordance with IAS 19, they
are classed as termination benefits and calculated
using actuarial principles.
Restructuring provisions are classified as
follows:
The restructuring provisions contain €20 mil-
lion (previous year: €46 million) relating to amounts
taken directly to equity in the opening balance
sheets of the companies in accordance with IAS 22
(revised 1998).
The other provisions represent uncertain obli-
gations that are carried at the best estimate of the
expenditure required to settle the obligation in
accordance with IAS 37. Provisions with more than
one year to maturity are discounted at market rates
of interest that reflect the risk and the time until
performance of the obligation. The accrued interest
expense on staff-related provisions is carried under
staff costs, other accrued interest expense under net
financing costs.
The accrued interest expense is composed as
follows:
37. Financial liabilities
Financial liabilities represent all interest-bearing
obligations of Deutsche Post World Net not classi-
fied as liabilities from financial services. In the bal-
ance sheet they are carried at the amount repayable.
They are broken down as follows:
2000
Restructuring provisions
2001
in €m
Deutsche Post AG
MAIL 225 294
Retail outlets 90 109
EXPRESS 38 50
353 453
Deutsche Postbank AG 209 145
Danzas group 63 112
Van Gend & Loos 7 11
Other Group companies 8 6
287 274
640 727
2000
Accrued interest expense
2001
in €m
Accrued interest expense from Postal Civil Service
Health Insurance Fund 77 62
Accrued interest expense from restructuring
provisions 36 20
Accrued interest expense from miscellaneous
provisions 2 31
115 113