DHL 2003 Annual Report Download - page 77
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Business Developments
€8,818 million (previous year: €9,085 million). This resulted in a reduction in the
carrying amounts of technical equipment and machinery by 13.3% to €1,008 million
(previous year: €1,162 million). The carrying amounts for aircraft rose by 17.6% to
€797 million (previous year: €678 million), as we again modernized and expanded
our aircraft fleet.
Noncurrent financial assets almost doubled year-on-year to €735 million
(previous year: €375 million). This was due to so-called which
we presented in noncurrent financial assets for the first time. These were previously
carried as receivables and other assets. As of December 31, 2003, long-term deposits
amounted to €356 million (previous year: €297 million).
Current assets fell by 5.9% to €138,060 million (previous year: €146,665 million).
Receivables and other securities from financial services from the business operations of
Postbank again constituted the largest single item, falling by 6.3% to €128,928 million
(previous year: €137,641 million). This decline is mainly due to two reasons. On the
one hand, Postbank’s deposits at other banks fell by €3,702 million to €34,071 million,
while on the other, noncurrent financial assets fell by €5,358 million to €38,804 million.
In the year under review, registered bond and promissory note loan maturities expired,
and money market activities were reduced.
Other assets fell by 18.9% to €1,994 million (previous year: €2,460 million). This
was mainly due to the reclassification of long-term deposits of €297 million to non-
current financial assets. Cash and cash equivalents increased by €520 million to
€3,355 million. This increase resulted solely from net cash inflows from operations.
The decrease in loss carryforwards at Deutsche Post AG and Postbank led to a
reduction in deferred tax assets from tax loss carryforwards by €325 million. Deferred
tax assets from temporary differences also fell by €205 million. Deferred tax assets
fell accordingly by 36.7% to €916 million (previous year: €1,446 million).
Changes in equity were also driven by offsetting developments. Equity was
particularly strengthened by the consolidated net profit, rising by €1,309 million. In
addition, it increased by €249 million due to the remeasurement of financial instru-
ments in accordance with IAS 39 and other changes in equity not recognized in income.
By contrast, the payment of a dividend of €445 million reduced equity in fiscal year
2002. In addition, it fell by €102 million due to currency translation differences (see
the statement of changes in equity on page 98 in the consolidated financial statements).
In total, equity increased by 19.8% to €6,106 million as of the balance sheet date (pre-
vious year: €5,095 million).
The equity ratio rose by 0.8 percentage points to 3.9% (previous year: 3.1%),
as shown in the table on net assets on page 72. This figure is lower than for other
service providers due to Postbank’s business operations. After adjustment for the effect
of the banking business, the Group’s equity ratio was 21.9% in the year under review
(previous year: 19.1%).
long-term deposits
Management Report
Long-term deposits: in this context,
these are long-term deposits used to
secure aircraft leasing contracts.