DHL 2003 Annual Report Download - page 122
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The negative revaluation reserve relates almost entirely to
gains or losses on the fair value measurement of financial instruments
of the Deutsche Postbank group. The change as against the previous
year is due to the positive development of the global capital markets.
Hedging reserve in accordance with IAS 39
Net gains or losses from changes in the fair value of the effective
portion of a cash flow hedge are taken directly to the hedging
reserve. The hedging reserve is released to income if the hedged
item is settled or the hedge is terminated.
Retained earnings
Retained earnings mainly contain the undistributed consolidated
profits generated in prior periods. Retained earnings are composed
of the following items:
Changes in the reserves during the year under review are
also presented in the statement of changes in equity.
Consolidated net profit
The consolidated net profit for fiscal year 2003 amounts to
€1,309 million (previous year: €659 million).
Dividends
Dividends paid to the shareholders of Deutsche Post AG are based
on the unappropriated surplus of €1,349 million (previous year:
€1,406 million) reported in the annual financial statements
of Deutsche Post AG prepared in accordance with the German
Commercial Code. The amount of €859 million (previous year:
€961 million) remaining after deduction of the total dividend
of €490 million (previous year: €445 million) will be transferred
to the retained earnings of Deutsche Post AG.
The dividend is tax-exempt for shareholders resident in
Germany. No capital gains tax (investment income tax) will be
withheld on the distribution.
35
Minority interest
Minority interest includes adjustments for the interests of non-Group
shareholders in the consolidated equity from capital consolidation,
as well as their interests in profit and loss. The interests relate
primarily to the following companies:
The increase in the Group’s interest in Guipuzcoana meant
that minority interest fell accordingly.
Provisions for pensions and
other employee benefits
In a number of countries, Deutsche Post World Net maintains
defined benefit pension plans on the basis of the pensionable com-
pensation of employees and their length of service. Many of these
benefit plans are funded through independent pension funds. The
Group also maintains a number of defined contribution plans
with assets in external funds.
Pension plans for civil servants in Germany
In addition to the state pension system operated by the statutory
pension insurance funds, to which contributions for hourly workers
and salaried employees are remitted in the form of non-wage costs,
Deutsche Post AG and Deutsche Postbank AG pay contributions to
defined contribution plans in accordance with statutory provisions.
Under the provisions of the Gesetz zur Neuordnung des
Postwesens und der Telekommunikation (PTNeuOG – Posts and
Telecommunications Reorganization Act), Deutsche Post AG and
Deutsche Postbank AG make benefit and assistance payments via
a special pension fund to retired employees and their surviving
dependants who are entitled to benefits on the basis of a civil service
appointment. The amount of the payment obligations of Deutsche
Post AG and Deutsche Postbank AG is governed by section 16 of
the Postpersonalrechtsgesetz (German Postal Employees Act).
Since 2000, both companies have been legally obliged to pay into this
special pension fund an annual contribution of 33% of the pension-
able gross compensation of active civil servants and the notional
pensionable gross compensation of civil servants on leave of absence.
In the year under review, Deutsche Post AG paid contributions of
€664 million (previous year: €645 million) and Deutsche Postbank
AG paid contributions of €77 million (previous year: €80 million)
to Bundes-Pensions-Service für Post und Telekommunikation e.V.
Under the PTNeuOG, the federal government takes appropri-
ate measures to make good the difference between the current
payment obligations of the special pension fund on the one hand
and the current contributions of Deutsche Post AG and Deutsche
37
36
Minority interest
Hedging reserve
Retained earnings
in €m 2002 2003
Balance at Jan. 1 0 –37
Gains credited to hedging reserve 0 87
Losses charged to hedging reserve – 37 –155
Balance at Dec. 31 –37 –105
in €m 2002 2003
Undistributed profit of prior-year periods 3,578 3,713
Currency translation differences – 97 –102
Other 18 4
3,499 3,615
in €m 2002 2003
Guipuzcoana 83 18
Deutsche Postbank group 14 14
Other companies 20 27
117 59