DHL 2004 Annual Report Download - page 103

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99
Consolidated Financial Statements
Notes
28 Receivables and other assets
Receivables and other assets are composed of the following items:
Receivables and other assets
in € m
2003 2004
Trade receivables 3,415 3,732
Prepaid expenses 705 853
Tax receivables 433 636
Derivatives 153 317
Deferred revenue 88 107
Receivables from Group companies 75 56
Net assets from defined contribution pension plans 33 50
Receivables from employees and
executive body members 33 39
Rent receivable 30 38
Receivables from sales of assets 58 37
Advance payments 26 34
Receivables from insurance business 20 31
Receivables from loss compensation
(recourse claims) 21 25
Creditors with debit balances 28 21
Long-term deposits 16 14
Receivables from residential housing
construction pools 0 13
Equalization claim under section 40 DMBilG 25 12
Miscellaneous other assets 325 282
5,484 6,297
The increase in derivatives results mainly from changes in fair
values. € 64 million of the rise in tax receivables is attributable to
the Deutsche Postbank group and relates to Deutsche Postbank
AG’s capital gains tax asset on the payment (distribution) of DSL
Holding’s capital to Deutsche Postbank AG.
In addition to receivables from cash-on-delivery (€ 9 million),
receivables from the Bundesanstalt für Post und Telekommunikation
(€6 million) and receivables from private postal agencies (€ 2 mil-
lion), miscellaneous other assets include a number of individual
items that do not exceed €10 million.
The remaining maturities of receivables and other assets are
structured as follows:
Maturities
in € m
2003 2004
Less than 1 year 4,966 5,814
1 to 5 years 94 215
More than 5 years 424 268
5,484 6,297
In accordance with IAS 39, the fair values as of December 31 were
additionally determined for noncurrent receivables measured at
historical cost. This did not result in any significant differences
between the carrying amounts and the fair values. There is no sig-
nificant interest rate risk because most of these instruments bear
floating rates of interest at market rates.
29
Receivables and other securities
from financial services
Receivables and other securities from financial services are com-
posed of the following items:
Receivables and other securities
from financial services
in € m
2003 2004
Loans and advances to other banks
thereof fair value hedges: 2,722
(previous year: 2,635)
Originated loans to other banks 27,390 18,570
Purchased loans to other banks (available for sale) 1,190 1,980
Money market assets 5,491 3,292
34,071 23,842
Loans and advances to customers
thereof fair value hedges: 5,264
(previous year: 6,077)
thereof secured by mortgage charges: 17,259
(previous year: 11,200)
Loans and advances to customers 38,231 38,044
Purchased loans to customers (held to maturity) 710 638
Purchased loans to customers (available for sale) 4,289 8,948
43,230 47,630
Allowance for losses on loans and advances
Loans and advances to other banks – 3 – 2
Loans and advances to customers – 594 – 665
– 597 – 667
Trading assets
Bonds and other fixed-income securities 11,666 6,859
Equities and other non-fixed-income securities 21 82
Positive fair value of derivatives 508 2,296
Positive fair value of banking book derivatives 393 458
12,588 9,695
Hedging derivatives (positive fair values)
Assets 22 11
Liabilities 810 962
832 973
Investment securities
Bonds and other fixed-income securities
Purchased directly from the issuer 12,284 12,677
thereof fair value hedges: 3,892
(previous year: 1,445)
Held to maturity 2,633 2,444
Available for sale 22,441 25,329
thereof fair value hedges: 10,274
(previous year: 12,441)
37,358 40,450
Equities and other non-fixed-income securities
Equities 1,286 1,411
thereof fair value hedges: 37
(previous year: 70)
Investment fund shares 160 1,675
1,446 3,086
38,804 43,536
128,928 125,009
Receivables and other securities from financial services relate
exclusively to the Deutsche Postbank group.
Additional Information Consolidated Financial Statements