DHL 2001 Annual Report Download - page 144

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144
Cash flow II is then adjusted for interest and taxes
paid to produce net cash from operating activities
(Cash flow III).
Cash flow I improved by 6.2% year-on-year to
€3,695 million. The reason behind this increase was
a higher net profit before taxes, with was €115 mil-
lion (5.6%) higher than the 2000 prior-year period,
at €2,153 million.
Changes in working capital were affected above
all by cash inflows from receivables and other cur-
rent assets and by the receivables/liabilities from
financial services, both of which pushed up Cash
flow II by €611 million year-on-year to €3,133 mil-
lion.The principal reason for the sharp year-on-year
differences in receivables (up €2,102 million) and
liabilities (down €1,762 million) was the first-time
application of IAS 39. Driven by lower interest and
tax payments, net cash from operating activities
(Cash flow III) improved by €859 million to €2,904
million.
•Net cash used in investing activities
Cash flows from investing activities result from cash
inflows from disposals of noncurrent assets and
cash outflows for investments in noncurrent assets.
Net cash used in investing activities amounted to
€2,419 million in the year under review (previous
year: €2,268 million).
Disposals of items of noncurrent assets gener-
ated income for the Group of €1,049 million (pre-
vious year: €845 million). Divestitures generated
€2 million from the sale of Deutsche Post Wert
Logistik GmbH.
€3,468 million (previous year: €3,113 million)
was spent on investments in noncurrent assets.
€1,240 million of this amount (previous year:
€1,260 million) was attributable to the acquisition
of companies, in particular the acquisition of
additional interests in DHLI amounting to €797
million; these are accounted for in the consolidated
financial statements as investments in associates.
Other significant financial investments were the
acquisition of the Postbank (USA) companies (€278
million) and a €99 million cash contribution to the
formation of Deutsche Post Euro Express Deutsch-
land GmbH & Co.OHG, which is not consolidated.
The acquisitions were financed from cash flow.
Cash outflows for other items of noncurrent
assets relate in particular to a loan of €708 million
by Deutsche Post AG to DHLI. The largest items in
investments in property, plant and equipment, and
intangible assets,were “Other equipment,operating
and office equipment”and “Concessions and indus-
trial rights”.
The following assets and liabilities were
acquired or sold on the acquisition or divestiture
of companies:
Cash and cash equivalents amounting to €3 mil-
lion (previous year: €67 million) were acquired with
the acquisitions. There were no cash and cash equiva-
lents in the assets disposed of.
2000
Acquisitions and divestitures
2001
in €m
Acquisitions
Noncurrent assets 7 222
Receivables from financial services 3,712 85,778
Other current assets (excl. cash and cash equivalents)
76 1,118
Provisions 14 273
Liabilities from financial services 3,508 83,702
Other liabilities 15 2,447
Divestitures
Noncurrent assets 0 27
Other current assets (excl. cash and cash equivalents)
623
Provisions 0 32
Other liabilities 6 16