DHL 2003 Annual Report Download - page 141
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Please find page 141 of the 2003 DHL annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.137
Notes
Financial Statements
Declaration of conformity
with the Corporate Governance Code
On December 18, 2003, the Board of Management and the Super-
visory Board of Deutsche Post AG together published the declaration
of conformity with the German Corporate Governance Code for
fiscal year 2003 required by section 161 of the Aktiengesetz (German
Stock Corporation Act). This declaration of conformity can be
accessed on the Internet at www.corporate-governance-code.de and
on our homepage at www.dpwn.de.
Consolidated financial statements including
the Deutsche Postbank group at equity
The activities of the Deutsche Postbank group differ substantially
from the ordinary activities of the other companies in Deutsche
Post World Net. To enable a clearer presentation of the net assets,
financial position and results of operations of the Group, the
Deutsche Postbank group was excluded from full consolidation
in the accompanying consolidated financial statements for the
period ended December 31, 2003. The Deutsche Postbank group
is accounted for in these financial statements only as a financial
investment carried at equity.
The consolidated financial statements of Deutsche Post AG
including the Deutsche Postbank group at equity were prepared
in accordance with the International Financial Reporting Standards
(IFRS) adopted and published by the International Accounting
Standards Board (IASB), and with the interpretations issued by
the International Financial Reporting Interpretations Committee
(IFRIC), required to be applied as of the reporting date.
The accounting treatment differs from the standards required
by the IFRS to the extent that the Deutsche Postbank group was not
fully consolidated, as required by IAS 27, but was accounted for at
equity.
The following tables on pages 138 and 139 show the
reconciliation of the financial statements of Deutsche Post World
Net to those of Deutsche Post World Net including Postbank at
equity. Transactions between the Deutsche Postbank group and the
other Group companies are included in the financial statements.
52
51 Column 1 contains the data for Deutsche Post World Net including
the fully consolidated Deutsche Postbank group.
Column 2 contains the IFRS reporting data (carrying amounts
in subgroup consolidated financial statements adjusted to comply
with uniform Group accounting policies) of the Deutsche Postbank
group. This includes all transactions for the provision of goods and
services entered into with the rest of Deutsche Post World Net.
Column 3 contains the consolidation adjustments recognized
in the income statement between the Deutsche Postbank group and
the rest of Deutsche Post World Net that were removed between
the financial statements including the fully consolidated Deutsche
Postbank group and the financial statements including Postbank
at equity. In particular, these relate to the counter services provided
by Deutsche Post AG for the Deutsche Postbank group.
Columns 4 and 7 contain the entries for the consolidation of
intercompany balances between the Deutsche Postbank group and
the rest of Deutsche Post World Net.
Column 5 contains the interest of Deutsche Post AG in the net
profit for the period.
Column 6 contains the data for Deutsche Post World Net including
Postbank at equity. This is calculated by measuring the Deutsche
Postbank group at equity and adding columns 1 through 5.
Column 8 contains the investments in the Deutsche Postbank
group reported under noncurrent financial assets and measured at
equity.
The cash flow statement including Postbank at equity on
page 140 is based on the consolidated financial statements including
Postbank at equity. This means that the cash flows of Deutsche
Postbank group are eliminated, but the cash flows between Deutsche
Post World Net and Deutsche Postbank group are reincluded. In
addition, net income from the measurement of Deutsche Postbank
group at equity is included as non-cash income in net cash from
operating activities. The dividend paid by Deutsche Postbank AG to
Deutsche Post AG is included in cash flows from investing activities.
All other items are treated in the same way as in the consolidated
cash flow statement. Further disclosures relating to the cash flow
statement can be found in note 44.