DHL 2001 Annual Report Download - page 25
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25
Total equity and liabilities demonstrate that funding of total assets is sound.
At the end of the fiscal year, Deutsche Post World Net has once again improved its
asset and capital structure. The ratio of equity to noncurrent assets amounted to
43.5%. The Group’s continued growth is assured by its balanced equity-debt mix,
and the figures given above reinforce the Group’s substantial financial strength.
Our current cash reserves and existing bank credit lines amounting to
€3,058 million (5.0% of which had been drawn down at the end of the year) mean
that we have sufficient funds to finance both the organic growth we are aiming
for and our planned investments.
Strong cash flow
The key elements of the cash flow statement have been summarized below in
order to explain the financial position (Postbank at equity).*
The cash flow statement reveals the cash flows in the year under review and
hence the source and application of cash and cash equivalents. To do this, the
company’s investing activities are compared with the source of the funds used
for this purpose. The cash flow calculation is adjusted for the effects of currency
translation and changes in the companies consolidated. Cash flow I from opera-
tions is determined by adjusting the net profit for the year before taxes for non-
cash items.
The Group
Group Management Report
*
The complete consolidated financial statements including the Deutsche Postbank group accounted
for at equity can be found at the end of this Annual Report.
Net profit before taxes 2,018 1,974
Gains on disposal of noncurrent assets -144 -161
Depreciation and amortization expense 1,162 1,086
Non-cash income and expenses -156 -291
Net interest income 148 175
Net profit before changes in working capital/Cash flow I 3,028 2,783
Net cash from operations/Cash flow II 2,797 2,386
Net cash from operating activities/Cash flow III 2,593 1,915
Net cash used in investing activities -2,020 -2,134
Net cash used in (previous year: net cash from) financing activities -492 236
Cash and cash equivalents at Dec. 31 594 513
Dec.31, 2001
in €m
Dec.31, 2000
in €m
Cash flow statement