DHL 2004 Annual Report Download - page 125

Download and view the complete annual report

Please find page 125 of the 2004 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.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

121
Consolidated Financial Statements
Notes
The following table provides an overview of the derivative financial instruments employed by Deutsche Post World Net and their fair
values:
Fair values of derivatives
in € m
Notional
amount
2003
Fair value
2003
Notional
amount
2004
Fair value
2004
Interest rate products
OTC products
Interest rate swaps 2,628 28 2,373 134
FRAs 0 0 0 0
Interest rate options 150 – 3 150 – 3
Other 0 0 0 0
2,778 25 2,523 131
Currency derivatives
OTC products
Currency forwards 1,011 – 64 788 – 67
Currency options 116 – 3 300 2
Currency swaps 1,363 54 2,316 90
Cross-currency swaps 446 – 43 516 – 51
Other 0 0 0 0
2,936 – 56 3,920 – 26
Commodities
Fuel hedging program 131 10 224 21
5,845 – 21 6,667 126
46
Contingent liabilities
The Group’s contingent liabilities total € 2,083 million (previous
year: €1,642 million). €1,631 million of this relates to guarantee
obligations and € 216 million to liabilities from litigation risks. In
addition to these contingent liabilities, the Deutsche Postbank
group has irrevocable loan commitments amounting to €13,518
million (previous year: €12,890 million).
47
Litigation
Details of litigation can be found in the Group Management
Report.
48
Other financial obligations
In addition to provisions, liabilities and contingent liabilities, there
are other financial obligations amounting to € 5,028 million (pre-
vious year: € 5,560 million) from non-cancelable operating leases
as defined by IAS 17.
The decline in liabilities from leases is primarily due to
restructuring and reorganization measures in the Group.
The Group’s future non-cancelable payment obligations
under leases are attributable to the following asset classes:
Lease obligations
in € m
2003 2004
Land and buildings 4,716 4,192
Technical equipment and machinery 146 121
Other equipment, operating and office equipment 380 449
Aircraft 318 266
5,560 5,028
The maturity structure of future non-cancelable payment obliga-
tions from operating leases is presented below:
Minimum lease payments
in € m
2003 2004
Year 1 after reporting date 886 858
Year 2 after reporting date 793 743
Year 3 after reporting date 642 595
Year 4 after reporting date 521 491
Year 5 after reporting date 435 393
Year 6 after reporting date and thereafter 2,283 1,948
5,560 5,028
The present value of discounted minimum lease payments is € 3,845
million (previous year: € 4,104 million). Overall, rental and lease
payments of €1,516 million (previous year: €1,284 million) arose in
2004, of which € 918 million (previous year: € 840 million) relates to
non-cancelable leases.
Additional Information Consolidated Financial Statements