DHL 2003 Annual Report Download - page 104
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The companies listed in the table below are consolidated in
addition to the parent company Deutsche Post AG.
63 subsidiaries (December 31, 2002: 68) and 8 joint ventures
(December 31, 2002: 7) were not consolidated for reasons of materi-
ality; these companies were carried at amortized cost. 27 associates
(December 31, 2002: 35) were carried at cost because they were
not material to the results of Deutsche Post World Net.
The following table gives an overview of significant compa-
nies consolidated for the first time:
Interlanden B.V., Netherlands, was acquired for €37 million.
First-time consolidation resulted in goodwill of €36 million as of
December 31, 2003.
Significant acquisitions and the first-time consolidation of
subsidiaries in the LOGISTICS segment had the following effect on
the net assets, financial position, and results of operations:
Stock Express S.A., France, has been part of Deutsche Post
World Net since 2003. 100% of the shares of this company were
acquired for €12 million. As of December 31, 2003, goodwill
amounted to €11 million.
Deutsche Post World Net also acquired 99% of the shares
of Commercial Safeway S.A., Chile, for €9 million. The logistics
company will be integrated within DHL Danzas Air & Ocean.
Consolidation did not result in any goodwill.
The acquisitions in the EXPRESS segment had the following
effect on the net assets, financial position, and results of operations
of the Group:
On August 15, 2003, DHL Holdings (USA) Inc. (DHL USA)
completed the acquisition of the US-based company Airborne, Inc.
(Airborne). In accordance with US aviation law, Airborne’s airline
operations, which were spun off immediately prior to the acquisition,
could not be taken over and thus remained under the control of
the previous shareholders. For each share of Airborne, shareholders
received a cash price of US$21.25 plus one share in the spun-off
airline ABX Air, Inc. (ABX). The total purchase price amounted to
€983 million. The future business relationship between Airborne
and ABX was set out in a service agreement. The activities of
Airborne and DHL USA will be merged within one to three years.
The company has been fully consolidated since the acquisition date.
First-time consolidation resulted in goodwill of €1,175 million
(as of December 31, 2003), which will be amortized over a period
of 20 years.
LOGISTICS*
in €m Stock Commercial
Express Safeway
Assets 28 19
Liabilities and provisions 23 8
Revenue 47 47
EBITA 6 1
* Consolidated amounts at December 31, 2003
EXPRESS*
in €m DHL Express
Airborne Securicor Canada
Assets 572 290 55
Liabilities and provisions 469 94 32
Revenue 1,034 255 195
EBITA 0 6 –2
* Consolidated amounts at December 31, 2003
Companies consolidated for the first time
Equity Date of
interest first-time
in % consolidation Notes
MAIL
Interlanden B.V., Netherlands 70 Jan. 1, 2003 Purchased
LOGISTICS
Stock Express S.A., France 100 Jan. 10, 2003 Purchased
Commercial Safeway S.A., 99 Mar. 1, 2003 Method of
Chile consolidation
changed
Corporación Cormar S.A., Costa Rica 100 July 1, 2003 Equity interest
increased
EXPRESS
Casa di Spedizioni Ascoli S.p.A., Italy 100 Jan. 15, 2003 Purchased
DHL Express Canada Ltd., Canada 100 Jan. 31, 2003 Purchased
Securicor Omega Holdings Ltd., 100 July 3, 2003 Equity interest
UK increased
Airborne, Inc., USA 100 Aug. 15, 2003 Purchased
Narrondo Desarrollo, S.L. 75 Dec. 17, 2003 Equity interest
(Guipuzcoana), Spain increased
Consolidated group
Total German Foreign Total
2002 2003 2003 2003
Number of fully consolidated
companies
at Jan. 1 421 109 539 648
Additions 37 – 5 5
Disposals 45 1 40 41
Change in method of consolidation 235 6 65 71
at Dec. 31 648 114 569 683
Number of proportionately
consolidated companies
at Jan. 1 43 2 27 29
Additions – – 1 1
Disposals – – 1 1
Change in method of consolidation –14 – –21 –21
at Dec. 31 29 2 6 8
Number of companies
accounted for at equity
at Jan. 1 21 5 37 42
Additions – – – –
Disposals 4 _ 3 3
Change in method of consolidation 25 – 1 1
at Dec. 31 42 5 35 40