DHL 2001 Annual Report Download - page 153
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Consolidated Financial Statements
Notes
153
tions that will probably not lead to an outflow of
resources embodying economic benefits, or where
the amount of the obligation cannot be measured
with sufficient reliability.
The Group’s contingent liabilities relate to the
following items:
A number of proceedings are still pending at
the European Commission involving allegations of
violations of European competition and state aid law.
In the competition proceedings relating to the
allegation of excessive postage prices, Deutsche Post
was able to establish that its postage prices are
appropriate.Both the German government and
Deutsche Post believe that the allegation of cross-
subsidy of the parcels business by the mail business
in the state aid proceedings instituted against
the Federal Republic of Germany are unsubstanti-
ated.However, no assurance can be given that the
European Commission will not impose fines on
Deutsche Post AG in these proceedings.As man-
agement believes that the likelihood of such fines
being imposed is very low, no provisions were set
up in the year under review.
44. Other financial obligations
In addition to provisions, liabilities and contingent
liabilities, there are other financial obligations
amounting to €3,827 million (previous year,adjusted:
€3,303 million) from operating leases as defined by
IAS 17. These lease obligations relate primarily to
long-term property leases (€3,483 million,previous
year: €2,712 million).
The increase in future minimum lease payments
results firstly from signature of the lease on the Post
Tower, which will be available from mid-2002 as an
administration building for Group headquarters,
and secondly from the rising demand for office and
warehousing space.
The maturity structure of these future payment
obligations is presented below:
The present value of discounted minimum lease
payments is €2,738 million (previous year: €2,445
million). Overall, rental and lease payments of €856
million (previous year: €720 million) arose, of which
€509 million relates to non-cancellable leases and
€34 million to contingent rent. Revenue received
from the subleasing of leased assets amounted to
€14 million.
2000
Minimum lease payments
2001
in €m
Minimum lease payments for
2002 592 573
2003 509 463
2004 396 362
2005 323 309
2006 283 268
after 2006 1,724 1,328
3,827 3,303
2000
Contingent liabilities
2001
in €m
Guarantees 884 765
Warranty obligations 393 371
Contingent liabilities from litigation costs 58 70
Contingent liabilities from third-party claims 35 43
Other contingent liabilities 1,493 1,204
2,863 2,453