DHL 2003 Annual Report Download - page 128
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On October 21, 2003, Deutsche Post Finance B.V., Netherlands,
issued a second euro bond on the capital market. With a total volume
of €1 billion, the bearer bonds were issued at a coupon of 4.875%
and a term of ten years and three months. The funds raised from
the bond issue will be used for the long-term refinancing of liabilities,
€442 million of liabilities due to banks were collateralized.
€399 million of the finance lease liabilities relates to aircraft
leases entered into by DHL Operations B.V., Netherlands, with
Barclays Mercantile Business Financing Limited, London. The inter-
est rate is 3.745%; the leases run until 2027 and 2028.
Other financial liabilities are mainly attributable to Deutsche
Post International B.V., Netherlands, in the amount of €217 million,
and relate to QTE leases.
and will not cause any increase in net debt. The bonds issued by
Deutsche Post Finance B.V. are fully guaranteed by Deutsche Post AG.
In June 2003, DHL Holdings (USA) Inc., USA, issued a tax-
exempt bond in the USA in the amount of US$230 million via
Kenton County Airport Board to finance a DHL hub in Cincinnati,
USA. Deutsche Post World Net assumed the obligation to guarantee
the bond.
The following table contains the terms and conditions of significant individual contracts reported under amounts due to banks:
Terms and conditions
Carrying
amount Fair value
Coupon Term 2003 2003
in % in €m in €m
Deutsche Post International B.V., Netherlands 5.19 Mar. 2006 104 104
Deutsche Post International B.V., Netherlands 5.81 Feb. 2011 82 76
Deutsche Post International B.V., Netherlands 5.82 Dec. 2005 33 35
Deutsche Post International B.V., Netherlands 3.85 Apr. 2006 102 107
Deutsche Post International B.V., Netherlands 3-mth. floater June 2011 121 105
442 427
Financial liabilities by company
in €m 2002 2003
Deutsche Post Finance B.V., Netherlands 1,500 2,493
Deutsche Post International B.V., Netherlands 833 660
DHL Operations B.V., Netherlands _ 792
DHL Holdings (USA) Inc., USA _ 190
DHL International (subgroup) 1,053 _
Other Group companies 430 614
3,816 4,749
Bonds
Carrying Carrying
Nominal amount amount Fair value
coupon Issue volume Issuer 2002 2003 2003
in % in €m in €m in €m
Bond 2002/2007 4.25 €750m Deutsche Post Finance B.V. 750 748 780
Bond 2002/2012 5.125 €750m Deutsche Post Finance B.V. 750 748 806
Bond 2003/2014 4.875 €1,000m Deutsche Post Finance B.V. _ 997 1,048
Bond 2003 1.15 US$230m DHL Holdings (USA) Inc. via
Kenton County Airport Board _ 183 183
1,500 2,676 2,817
The bonds can be broken down as follows: