DHL 2003 Annual Report Download - page 78
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The ratio of equity to fixed assets also rose, increasing to 38.3% for the Group
(previous year: 35.1%) and to 31.0% in the “Postbank at equity” scenario (previous
year: 28.7%).
Minority interest amounted to a total of €59 million (previous year: €117 million).
This represented a drop of 75% due to the increase of our interest in the Guipuzcoana
group.
Provisions remained on a par with 2002, at €12,673 million (previous year:
€12,684). Tax provisions fell by 1.3% to €1,491 million (previous year: €1,510 million).
€110 million of the STAR restructuring provision, established in the previous year,
was utilized.
Liabilities primarily relate to liabilities from financial services. This contra
account to receivables and other securities from financial services also fell as of the
balance sheet date and was reduced by 7.2% to €123,317 million (previous year:
€132,851 million). On the whole, liabilities fell by 6.0% to €136,095 million (previous
year: €144,751 million).
Deposits from other banks decreased by €8,042 million to €20,257 million
(previous year: €28,299 million), as we reduced our money market activities. Expiring
maturities of bonds and mortgage bonds reduced by
€8,531 million to €26,266 million. Customer deposits, which Postbank shows as
liabilities, grew by €7,226 million to €73,334 million. This was due to increases
in the savings business and demand deposits.
Trade payables remained more or less constant at €2,755 million (previous
year: €2,707 million). The same is true for other liabilities, at €5,274 million (previous
year: €5,377 million). However, after adjusting other liabilities for the European Union
state aid payment of €907 million included here in the previous year, they rose by
€804 million. This is mainly due to two reasons: subordinated liabilities from Postbank’s
hybrid capital increased by €522 million, and the fair values of derivatives increased
by €111 million.
Financial liabilities grew by €933 million to €4,749 million. The main reason for
this increase is the issue of a second euro bond with a volume of €1 billion. The Group
will use the funds raised from the bond issue for the long-term refinancing of existing
liabilities. A breakdown of the financial liabilities listed by maturity is presented in
item 40 of the Notes.
securitized liabilities
Securitized liabilities: in this
context, debt instruments, including
mortgage bonds, public-sector
mortgage bonds (Pfandbriefe) and
money market instruments.