DHL 2004 Annual Report Download - page 105

101
Consolidated Financial Statements
Notes
Hedges with positive fair values that qualify for hedge
accounting under IAS 39 are composed of the following items:
Hedging derivatives (fair value hedges)
in € m 2003 2004
Assets
Hedging derivatives on loans to other banks
Originated loans 5 4
Hedging derivatives on loans to customers
Originated loans 9 3
Hedging derivatives on investment securities
Bonds and other fixed-income securities 7 3
Equities and other non-fixed-income securities 1 1
22 11
Liabilities
Deposits from other banks 63 103
Amounts due to customers 63 144
Securitized liabilities 672 438
Subordinated debt 12 277
810 962
832 973
€ 41,756 million (previous year: € 37,395 million) of the investment
securities relates to listed securities. Changes in the fair value of
unhedged available-for-sale securities were recognized directly in
the revaluation reserve in the amount of €176 million (previous year:
€ 328 million). €151 million (previous year: € 33 million) reported in
the revaluation reserve was reversed to income in the period under
review as a result of the disposal of investment securities and the
recognition of impairment losses. The Deutsche Postbank group
issued letters of pledge to the European Central Bank for securities
with a lending value of € 7 billion (previous year: € 2 billion) for
open market opera tions. Open market operations at the balance
sheet date amounted to €1 billion (previous year: € 2 billion). The
securities deposited as collateral continue to be reported as non-
current financial assets. Impairment losses of € 5 million (previous
year: € 7 million) were recognized in fiscal year 2004 to reflect
developments in the values of financial instruments.
30 Current financial instruments
Current financial instruments in the amount of €187 million
(previous year: € 75 million) are classified as available for sale;
€167 million of this relates to Deutsche Post AG.
31
Cash and cash equivalents
Cash and cash equivalents include cash equivalents in the amount
of € 59 million (previous year: € 84 million). € 24 million (previous
year: € 31 million) of this figure is primarily attributable to
Guipuzcoana and €12 million (previous year: €13 million) to DHL
Sinotrans.
32
Deferred tax assets
Deferred tax assets are composed of the following items:
Deferred tax assets
in € m 2003 2004
Deferred tax assets from tax loss carryforwards 383 337
Deferred tax assets from temporary differences 533 427
916 764
Deferred tax assets from temporary differences relate primarily
to the Deutsche Postbank group in the amount of € 294 million
(previous year: € 289 million).
No deferred tax assets were recognized on tax loss carryfor-
wards of around €1.8 billion (previous year: € 4.1 billion), as it can
be assumed that the Group will probably not be able to utilize these
tax loss carryforwards in future periods. Most of the carryforwards
are attributable to Deutsche Post AG, which is unlikely to be able to
use these carryforwards in future due to the substantial temporary
differences and other factors.
Deferred tax assets from tax loss carryforwards are broken
down as follows:
Deferred tax assets
from tax loss carryforwards
in € m 2003 2004
Deferred taxes from German tax loss carryforwards
Corporation tax 179 150
Trade tax and solidarity surcharge 107 90
Deferred taxes from foreign tax loss carryforwards 97 106
383 346
Netted against deferred tax liabilities –– 9
383 337
The maturity structure of deferred tax assets from tax loss carryfor-
wards is as follows:
Maturities of deferred tax assets
from tax loss carryforwards
in € m 2004
Less than 1 year 59
1 to 5 years 268
More than 5 years 10
337
Additional Information Consolidated Financial Statements