DHL 2002 Annual Report Download - page 128

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43
Differences between fair values and carrying amounts
result from changes in market interest rates for financial
liabilities of equivalent maturities and risk structures.
Short maturities or marking-to-market means that there
are no significant differences between the carrying amounts
and fair value of all other primary financial instruments.
There is no significant interest rate risk because most of the
instruments bear interest at floating market rates of interest.
The differences between the fair values and carrying amounts
of the financial liabilities are therefore relatively minor.
Trade payables
Trade payables are attributable to the following companies:
41
The maturity structure of trade payables is as follows:
Liabilities from financial services
Liabilities from financial services are carried at their
redemption amounts. Differences between the amount
disbursed and the amount repayable (premiums, discounts)
are recognized or amortized over the remaining maturities of
the liabilities. Proportionate accrued interest is reported
together with the associated liability. Liabilities from financial
services are composed of the following items:
42
Financial Statements
Notes
Carrying amounts/ Fair values
in €m 2001 2002
Carrying Fair values Difference Carrying Fair values Difference
amounts amounts
Bonds 0001,500 1,547 47
Due to banks 1,283 1,299 16 1,570 1,570 0
Liabilities to subsidiaries 000220
Associate payables 110110
Finance lease liabilities 89 89 0 442 442 0
Other financial liabilities 935 949 14 301 301 0
2,308 2,338 30 3,816 3,863 47
Trade payables
in €m 2001 2002
Deutsche Post AG 927 988
Danzas group 1,091 812
DHL 0 495
Deutsche Postbank group 127 79
Other Group companies 259 333
2,404 2,707
Liabilities from financial services
in €m 2001 2002
Deposits from other banks 26,819 28,300
Due to customers 62,272 66,108
Securitized liabilities 39,468 34,797
Trading liabilities/Hedging derivatives
(negative fair values) 2,973 3,646
131,532 132,851
Maturities
in €m 2001 2002
Less than 1 year 2,399 2,658
1 to 5 years 1 43
More than 5 years 4 6
2,404 2,707