DHL 2003 Annual Report Download - page 119
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Notes
€37,395 million (previous year: €42,539 million) of the invest-
ment securities relates to listed securities. Losses on the measure-
ment of unhedged available-for-sale securities were charged directly
to the revaluation reserve in the amount of €328 million (previous
year: withdrawal of €537 million). €33 million was withdrawn from
the revaluation reserve (previous year: charge of €201 million) and
recognized in the income statement from the disposal of investment
securities and the recognition of impairment losses. Postbank
issued letters of pledge to the European Central Bank for securities
with a lending value of €2 billion (previous year: €13.3 billion) for
open market operations. Open market operations at the balance
sheet date amounted to €2 billion (previous year: €8.9 billion). The
securities deposited as collateral continue to be reported as non-
current financial assets. Impairment losses of €7 million (previous
year: €238 million) were recognized in fiscal year 2003 to reflect
developments in the values of financial instruments.
Current financial instruments
Current financial instruments in the amount of €75 million (previ-
ous year: €3 million) are classified as available for sale. €58 million
of this increase is attributable to Airborne.
Cash and cash equivalents
Cash and cash equivalents include cash equivalents in the amount
of €84 million; this figure is primarily attributable to Guipuzcoana
(€31 million), DHL Sinotrans (€13 million), and DHL Internacional
de México SA de CV, Mexico (€10 million).
31
30
Deferred tax assets
Deferred tax assets are composed of the following items:
Deferred tax assets from temporary differences relate primar-
ily to the Deutsche Postbank group in the amount of €289 million
(previous year: €275 million), and to Deutsche Post AG in the amount
of €112 million (previous year: €345 million).
No deferred tax assets were recognized on tax loss carry-
forwards of around €4.1 billion (previous year: €3.9 billion), as it can
be assumed that the Group will not be able to utilize these tax loss
carryforwards in future periods.
Deferred tax assets from tax loss carryforwards are broken
down as follows:
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Financial Statements
Deferred tax assets
in €m 2002 2003
Deferred tax assets from tax loss carryforwards 708 383
Deferred tax assets from temporary differences 738 533
1,446 916
Deferred tax assets from tax loss carryforwards
in €m 2002 2003
Deferred taxes from
German tax loss carryforwards
Corporation tax 352 179
Trade tax and solidarity surcharge 210 107
Deferred taxes from
foreign tax loss carryforwards 146 97
708 383
Deferred tax assets from temporary differences
in €m Assets Liabilities Assets Liabilities
2002 2002 2003 2003
Intangible assets 13 106 10 89
Property, plant, and equipment 58 86 88 86
Noncurrent financial assets 12848
Current assets
Receivables and other securities from financial services 51 520 70 1,370
Other current assets 63 54 35 4
Pension provisions 140 0 229 10
Other provisions 267 56 344 337
Financial liabilities 00120
Liabilities from financial services 0 0 796 52
Other liabilities 134 165 55 39
738 995 1,643 1,995
Balance of deferred tax assets and liabilities – – –1,110 –1,110
Carrying amount 738 995 533 885
The following deferred tax assets and liabilities from temporary differences result from differences in the carrying amounts of individual
balance sheet items: