DHL 2002 Annual Report Download - page 120
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35
Capital reserves
Changes in the capital reserves in fiscal year 2002 are
presented below, based on the amounts at January 1, 2001:
Revaluation reserve in accordance with IAS 39
The revaluation reserve contains gains and losses from
changes in the fair values of available-for-sale financial
instruments that are unlikely to be more than temporary and
have been taken directly to equity. The reserve is reversed
to income either when the financial instruments are sold or
if their carrying amounts are permanently impaired.
The reversal to income contains the reclassification of
available-for-sale financial instruments due to impairments
(€229 million), sales and the discontinuation of hedges (€20
million).
€494 million of the revaluation reserve relates to gains
or losses on the fair value measurement of financial instru-
ments of the Deutsche Postbank group due to the negative
developments on the international capital markets.
Hedging reserve in accordance with IAS 39
Net gains or losses from changes in the fair value of the
effective portion of a cash flow hedge are taken directly to the
hedging reserve. The hedging reserve is released to income if
the hedged item is settled or the hedge is terminated.
Retained earnings
Retained earnings contain the undistributed consolidated
profits generated in prior periods. Retained earnings are
composed of the following items:
Adjustments from the first-time application of IAS 39
were appropriated to retained earnings in 2001.
Changes in the reserves during the year under review
are also presented in the statement of changes in equity.
Consolidated net profit
The consolidated net profit for fiscal year 2002 amounts to
€659 million (previous year: €1,577 million; prior-period
amount restated see note 7).
Dividends
Dividends paid to the shareholders of Deutsche Post AG are
based on the unappropriated surplus of €1,406 million (pre-
vious year: €1,965 million) reported in the annual financial
statements of Deutsche Post AG prepared in accordance with
the German Commercial Code.
35
Financial Statements
Notes
in €m 2001 2002
Capital reserves at Jan. 1 296 344*
Sale of own shares 42 0
Stock option program 6* 12
Capital reserves at Dec. 31 344* 356
*Prior-period amount restated (see note 7)
Capital reserves
in €m 2001 2002
Balance at Jan. 1* 238 -93
Gains/losses credited/charged to revaluation reserve -347 -611
Reversed to income 16 209
Balance at Dec. 31 -93 -495
*Initial IAS 39 adjustment in fiscal year 2001
Revaluation reserve
in €m 2001 2002
Losses charged to hedging reserve -1 -37
Hedging reserve
in €m 2001 2002
Undistributed profit of prior-year periods 2,292 3,578
Currency translation differences -3 -97
First-time application of IAS 39 134 0
Other -10 18
2,413 3,499
Retained earnings