DHL 2003 Annual Report Download - page 127
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Notes
The provision for the funding of future shortfalls in the Postal
Civil Service Health Insurance Fund, which closed on January 1, 1995,
comprises the statutory obligation of Deutsche Post AG and of
Deutsche Postbank AG, which was consolidated for the first time in
1999, together with another successor of Deutsche Bundespost.
The provision for postage stamps covers outstanding obli-
gations to customers for mail and parcel deliveries from postage
stamps sold but still unused by customers, and is based on studies by
market research companies. It is measured at the nominal value of
the stamps issued.
€1,077 million was provided for restructuring measures as
part of the Group-wide STAR value creation program in the previ-
ous year, relating primarily to termination benefit obligations to
employees (partial retirement programs, transitional benefits),
expenses from the closure of terminals and subsequent impairment
losses on noncurrent assets.
The interest cost on discounted provisions is composed of
the following items:
Financial Statements
Interest cost on discounted provisions
Maturities of other provisions
in €m 2002 2003
Interest cost on
Postal Civil Service Health Insurance Fund 80 88
Interest cost on
other workforce adjustment measures 25 40
Interest cost on
miscellaneous provisions 3 15
108 143
Maturities Less than 1 year 1 to 5 years More than 5 years Total
in €m 2002 2003 2002 2003 2002 2003 2002 2003
Postal Civil Service Health Insurance Fund 57 20 228 212 1,101 1,286 1,386 1,518
Postage stamps 550 500 0000550500
STAR restructuring 395 285 682 624 0 58 1,077 967
Other workforce adjustment measures 337 292 561 578 180 56 1,078 926
Miscellaneous provisions 447 356 83 240 261 324 791 920
1,786 1,453 1,554 1,654 1,542 1,724 4,882 4,831
Financial liabilities
Financial liabilities represent all interest-bearing obligations of Deutsche Post World Net not classified as liabilities from financial services.
They are broken down as follows:
40
Financial liabilities
Maturities Less than 1 year 1 to 5 years More than 5 years Total
in €m 2002 2003 2002 2003 2002 2003 2002 2003
Bonds 0 183 750 748 750 1,745 1,500 2,676
Due to banks 652 281 797 853 121 99 1,570 1,233
Finance lease liabilities 43 47 366 56 33 441 442 544
Liabilities to Group companies 3 65 0100366
Other financial liabilities 39 52 166 100 96 78 301 230
737 628 2,079 1,758 1,000 2,363 3,816 4,749