DHL 2002 Annual Report Download - page 113

Download and view the complete annual report

Please find page 113 of the 2002 DHL annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 161

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161

28
Inventories
Inventories are composed of the following items:
Standard costs for inventories of postage stamps and
spare parts in freight centers amounted to €14 million.
There was no requirement to charge significant valuation
allowances on these inventories.
Receivables and other assets
Receivables and other assets are composed of the following
items:
29
28
in €m 2001 2002
Finished goods and
goods purchased and held for resale 78 84
Spare parts for aircraft 0 61
Raw materials and supplies 46 43
Work in progress 19 7
Advance payments 20 19
163 214
Inventories
in €m 2001 2002
Less than 1 year 4,736 5,787
1 to 5 years 82 68
More than 5 years 16 313
4,834 6,168
Maturities
in €m 2001 2002
Trade receivables 2,944 3,410
Prepaid expenses 647 658
Interest-bearing assets 0 495
Tax receivables 145 282
Receivables from private postal agencies 319 256
Creditors with debit balances 65 143
Receivables from insurance business 2 131
Derivatives 16 85
Receivables from subsidiaries 46 52
Receivables from associates 1 51
Receivables from Bundes-Pensions-Service
für Post und Telekommunikation e.V. 0 40
Equalization claim under section 40 DMBilG 49 37
Receivables from QTE leases 1 28
Receivables from sales of assets 67 23
Receivables from cash-on-delivery 0 17
Receivables from loss compensation
(recourse claims) 22 14
Receivables from employees
and executive body members 86 11
Short-term loans and interest receivables 1 11
Advance payments 15 10
Receivables from Bundesanstalt für Post
und Telekommunikation 21 5
Receivables from joint ventures 12 0
Miscellaneous other assets 375 409
4,834 6,168
Receivables and other assets
The increase in miscellaneous other assets is due
primarily to DHL International.
Prepaid expenses include advance compensation paid
by Deutsche Post AG to civil servants in the amount of €152
million (previous year: €146 million).
€492 million of the interest-bearing assets (previous
year: €0 million) relates to mainly long- and short-term
deposits of DHL International.
The remaining maturities of receivables and other
assets are structured as follows:
In accordance with IAS 39, the fair values as of
December 31, 2002 were additionally determined for non-
current receivables measured at historical cost. This did not
result in any significant differences between the carrying
amounts and the fair values. There is no significant interest
rate risk, because most of these instruments bear floating
rates of interest at market rates.
Receivables and other securities
from financial services
Receivables and other securities from financial services result
exclusively from the business operations of the Deutsche
Postbank group.
Receivables and other securities from financial services
are composed of the following items:
30
in €m 2001 2002
Loans and advances to other banks 37,402 37,774
Loans and advances to customers 44,066 43,878
Allowance for losses on loans and advances -621 -588
Trading assets/Hedging derivatives
(positive fair values) 7,114 12,416
Investment securities 47,943 44,161
135,904 137,641
Receivables and other securities from financial services