DHL 2001 Annual Report Download - page 145
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Consolidated Financial Statements
Notes
145
•Net cash used in financing activities
Cash flows from financing activities result from new
borrowings and the redemption of financial liabili-
ties, and from distributions. Net cash used in financ-
ing activities amounted to €425 million in the year
under review (previous year: net cash from financing
activities of €252 million).
The reason for the difference as against the
prior-year period was primarily higher redemptions
(€460 million compared with €309 million in 2000).
Payments by Deutsche Post AG to Bundes-Pensions-
Service für Post und Telekommunikation e.V. were
a major item. The lower level of borrowings (year
under review: €335 million, previous year: €649 mil-
lion) and the increase in the dividend by €54 million
to €300 million also contributed to the year-on-year
difference in cash flows from financing activities.
The cash inflows and outflows described above
produced cash and cash equivalents of €1,966 mil-
lion at year-end. They therefore grew by €60 million
over the prior-period comparable figure, and the
Group’s self-financing strength was also bolstered.
Other disclosures
42. Financial instruments
Financial instruments are contractual obligations
to receive or deliver cash and cash equivalents.
In accordance with IAS 39, these include both pri-
mary and derivative financial instruments.Primary
financial instruments include in particular bank
balances,
all receivables, liabilities, securities, loans
and accrued interest.Examples of derivatives include
options, swaps and futures.
Deutsche Postbank group accounts for most
of the financial instruments in Deutsche Post
World Net. The risks and fair values of Deutsche
Postbank group’s financial instruments are there-
fore presented separately below.
42.1 Risks and fair values of the financial
instruments of the Deutsche Postbank group
42.1.1 Risk management
Counterparty (default), price, interest rate, liquidity
and operational risks are a component of the bank-
ing business. Deutsche Postbank AG’s risk manage-
ment performs its independent functions at Deutsche
Postbank’s head office for the entire Deutsche Post-
bank group. Its activities focus on internal informa-
tion processing to enable the responsible division
in the Deutsche Postbank group to manage price
and liquidity risks. The Deutsche Postbank group
distinguishes between the following types of risk:
•Counterparty (default) risk
Counterparty (default) risk consists of the follow-
ing types of risk: