DHL 2002 Annual Report Download - page 127
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42
In October 2002, Deutsche Post AG issued its first
benchmark euro bond on the capital markets with a principal
amount of €1.5 billion via Deutsche Post Finance B.V.
The bond was admitted to trading on the Frankfurt Stock
Exchange (“Official Market”) on October 4, 2002, and the first
trading day was October 10, 2002. The bond was issued in
two tranches with maturities of five and ten years respectively.
The bond is eligible for refinancing with the European
Central Bank. It is a bearer bond deposited with Clearstream
Banking AG, Frankfurt, in the form of a global certificate
without interest coupons. Deutsche Post AG has assumed
an unconditional irrevocable guarantee for all bonds issued
by Deutsche Post Finance B.V., Boompje Rotterdam, the
Netherlands, for the payment obligations under the terms
and conditions of the bonds.
€707 million of the increase in amounts due to banks
is attributable to DHL, while the liabilities of Deutsche Post
International B.V. to the European Investment Bank fell
at the same time by €143 million to €585 million. The
longer-term loans are mainly attributable to Deutsche Post
International (DPI).
Finance lease liabilities increased by €353 million and
relate primarily to DHL International.
Other financial liabilities fell by €634 million. This
related mainly to Deutsche Post AG, which reported financial
liabilities of €638 million to Deutsche Post Renten-Service e.V.
and €230 million to Deutsche Telekom AG (recourse claim) in
2001. These liabilities had been settled by December 31, 2002.
Of the total financial liabilities, €1,053 million is
attributable to DHL International (previous year: €0 mil-
lion) and €833 million to Deutsche Post International B.V.
(previous year: €728 million).
The following table compares the fair values and
carrying amounts of the financial liabilities of Deutsche Post
Wor ld Net:
Financial liabilities
Financial liabilities represent all interest-bearing obligations of Deutsche Post World Net not classified as liabilities from
financial services. They are broken down as follows:
40
Financial liabilities
Maturities Less than 1 year 1 to 5 years More than 5 years Total
in €m 2001 2002 2001 2002 2001 2002 2001 2002
Bonds 0 0 0 750 0 750 0 1,500
Due to banks 629 652 516 797 138 121 1,283 1,570
Liabilities to subsidiaries 02000002
Associate payables 11000011
Finance lease liabilities 37 43 27 366 25 33 89 442
Other financial liabilities 800 39 132 166 3 96 935 301
1,467 737 675 2,079 166 1,000 2,308 3,816
Issuer
Principal Coupon Maturity
amount
in €m
in %
Deutsche Post Finance B.V.,
the Netherlands 750 4.25 Oct. 4, 2007
Deutsche Post Finance B.V.,
the Netherlands 750 5.125 Oct. 4, 2012