DHL 2002 Annual Report Download - page 38

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Current assets increased slightly by 2.6% to €146,665 million (previous year:
€142,906 million). Once again, receivables and other securities from financial services
resulting from Postbank’s business activities constituted the largest single item by far;
this item increased by 1.3% to €137,641 million (previous year: €135,904 million).
Primarily as a result of the consolidation of DHL, inventories increased by 31.3% to
€214 million (previous year: €163 million), receivables and other assets rose by 27.6%
to €6,168 million (previous year: €4,834 million), and cash and cash equivalents
including current financial instruments grew by 31.8% to €2,642 million (previous
year: €2,005 million).
Deferred tax assets fell by 3.0% to €1,446 million (previous year: €1,491 million).
In addition to other minor effects, this change reflects two important contrary develop-
ments: on the one hand, the reduction of deferred taxes from loss carryforwards
at Deutsche Post AG and Postbank led to a €250 million decrease in deferred tax
assets from tax loss carryforwards. On the other, deferred tax assets from temporary
differences rose by €205 million.
Selected indicators for our net assets and financial position
Deutsche Post Deutsche Post Deutsche Post Deutsche Post
World Net World Net World Net World Net
Postbank at Postbank at
equity equity
Jan. 1 – Dec. 31, Jan. 1– Dec. 31, Jan. 1– Dec. 31, Jan. 1 –Dec. 31,
2001 2002 2001 2002
Capital ratio in % 3.4 3.1 24.3 19.1
Ratio of equity to fixed assets in % 43.5 35.1 33.5 28.7
Net debt in €m 303 1,174 1,750 1,986
Net gearing in % 5.4 18.7 24.6 28.0
Equity decreased by 4.8% to €5,095 million (previous year: €5,353 million) as
of the balance sheet date. This decline is attributable to the following factors, which
were recognized directly in equity: dividends in the amount of €412 million were
distributed from the unappropriated surplus from fiscal year 2001. In addition, equity
fell by €438 million as a result of the remeasurement of financial instruments in
accordance with and was reduced by a further €97 million due to currency
translation (for additional information, see the Statement of Changes in Equity on
page 8 of the “Achievements” section). In contrast, consolidated net profit of €659 mil-
lion led to a corresponding increase in equity.
The capital ratio fell by 0.3 percentage points to 3.1% (previous year: 3.4%);
for additional information, please see the table above. This figure is very low com-
pared with other service providers due to Postbank’s business operations, which are
represented by the FINANCIAL SERVICES Corporate Division. After adjustment for
the effect of the banking business, the Group has a capital ratio of 19.1% (previous
year: 24.3%) and thus a sound financing structure, as is evident from a glance at the
key figures in the “Postbank at equity” scenario.
IAS 39
IAS 39: International Accounting
Standard that governs the
recognition and measurement
of financial derivatives as well as
financial assets and liabilities.
37
Management Report
Financial Analysis