DHL 2003 Annual Report Download - page 129
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Notes
Liabilities from financial services
Liabilities from financial services are carried at amortized cost.
Differences between the amount received and the amount repayable
(premiums, discounts) are recognized or amortized over the
remaining maturities of the liabilities. Proportionate accrued inter-
est is reported together with the associated liability.
Liabilities from financial services are composed of the follow-
ing items:
42
Financial Statements
Carrying amounts/Fair values
in €m Carrying Carrying
amounts Fair values amounts Fair values
2002 2002 2003 2003
Bonds 1,500 1,547 2,676 2,817
Due to banks 1,570 1,570 1,233 1,218
Liabilities to Group companies 3 3 66 66
Finance lease liabilities 442 442 544 544
Other financial liabilities 301 301 230 207
3,816 3,863 4,749 4,852
The following table compares the fair values and carrying amounts of the financial liabilities of Deutsche Post World Net:
Differences between fair values and carrying amounts result
from changes in market interest rates for financial liabilities of
equivalent maturities and risk structures.
Short maturities or marking-to-market means that there are
no significant differences between the carrying amounts and fair
value of all other primary financial instruments. There is no signifi-
cant interest rate risk because most of these instruments bear
floating rates of interest at market rates. The differences between
the fair values and carrying amounts of the financial liabilities are
therefore relatively minor.
Details of existing credit lines can be found in the Group
Management Report in the “Business Developments” section.
Trade payables
Trade payables are attributable to the following companies:
The maturity structure of trade payables is as follows:
The carrying amount of trade payables corresponds to
their fair value.
41
Liabilities from financial services
in €m 2002 2003
Deposits from other banks
thereof payable on demand: 243
(previous year: 1,139)
thereof fair value hedges: 894
(previous year: 935) 28,300 20,257
Due to customers
thereof fair value hedges: 1,233
(previous year: 683)
Savings deposits 29,053 33,739
Other liabilities
thereof payable on demand: 20,116
(previous year: 16,633) 37,055 39,593
66,108 73,332
Securitized liabilities
thereof fair value hedges: 10,556)
(previous year: 10,753)
Mortgage bonds 1,234 878
Public-sector mortgage bonds (Pfandbriefe) 5,508 3,570
Other debt instruments 28,055 21,819
34,797 26,267
Trading liabilities
Negative fair values of trading derivatives 515 506
Negative fair values of banking book derivatives 486 1,139
Other trading liabilities 0 2
1,001 1,647
Hedging derivatives (negative fair values) 2,645 1,814
132,851 123,317
Maturities
in €m 2002 2003
Less than 1 year 2,658 2,748
1 to 5 years 43 7
More than 5 years 6 0
2,707 2,755
Trade payables
in €m 2002 2003
Deutsche Post AG 988 818
Express and logistics companies 1,307 1,380
Deutsche Postbank group 79 88
Other Group companies 333 469
2,707 2,755