DHL 2004 Annual Report Download - page 89

Download and view the complete annual report

Please find page 89 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

85
Consolidated Financial Statements
Notes
Selected assets and liabilities of QuikPak Inc., USA (QuikPak)
were acquired as part of an asset deal and incorporated into
SmartMail with effect from June 28, 2004. The purchase price paid
amounted to € 67 million.
Significant acquisitions and the first-time consolidation of
subsidiaries in the MAIL Corporate Division had the following
effect on the net assets, financial position, and results of operations:
MAIL
1)
in € m
Speedmail SmartMail
(including
QuikPak)
Assets 3 142
Liabilities and provisions 1 3
Revenue 9 118
EBITA 1 – 7
1) Amounts as of December 31, 2004 (consolidated amounts)
EXPRESS
In September 2004, Deutsche Post World Net acquired the
remaining 25% of the shares in Narrondo Desarrollo, S.L.
(Guipuzcoana), Spain. Goodwill amounted to € 420 million as of
December 31, 2004.
DHL Sinotrans International Air Courier Ltd., China (DHL
Sinotrans), which was previously proportionately consolidated, is
reported as a fully consolidated company as of January 1, 2004.
Deutsche Post World Net paid around € 6 million for a fur-
ther 20% of DHL Korea Limited, Korea (DHL Korea), which was
previously included as an associate. With the stake now at 50%,
DHL Korea is reported as a fully consolidated company with effect
from January 1, 2004. Goodwill amounted to €15 million as of
December 31, 2004.
The consolidation measures in the EXPRESS Corporate
Division had the following effect on the net assets, financial posi-
tion, and results of operations of the Group:
EXPRESS
1)
in € m
DHL Korea DHL Sinotrans
2)
Assets 35 54
Liabilities and provisions 24 22
Revenue 175 194
EBITA 27 29
1) Amounts as of December 31, 2004 (consolidated amounts)
2) Amounts at 50%, since proportionately consolidated in the previous year
Overall, around € 810 million was spent on acquisitions in fiscal
year 2004 (previous year: €1.5 billion). The purchase prices of
the companies acquired were settled exclusively on a cash basis.
Further details of cash flows can be found in note 44.
66 subsidiaries, 1 joint venture, and 7 associates have been
deconsolidated since December 31, 2003. Of these, 10 were sold,
31 merged, 16 liquidated and 17 companies subject to a change in
the method of inclusion or consolidation. In most cases, this relates
to the disposal of companies of the Danzas Chemicals group.
The effects were as follows:
Effects of deconsolidation
in € m
Total
Assets 53
Liabilities and provisions 50
Revenue 28
Effect of deconsolidation 1
A list of significant subsidiaries, joint ventures, and associates
is presented in note 50. A complete list of Deutsche Post AG’s
shareholdings has been filed with the commercial register of the
Bonn Local Court.
Joint ventures
The following table provides information about balance sheet and
income statement items attributable to the significant consolidated
joint ventures:
Joint ventures
1)
in € m
2003 2004
Noncurrent assets 10 0
Current assets 39 2
Liabilities and provisions 18 2
Revenue 355 3
EBITA 32 0
1) Proportionate amounts; all figures as of December 31
The consolidated joint ventures in fiscal year 2004 relate primarily
to Danzas DV LLC, Russia. DHL Sinotrans, which was included
here in the previous year, was fully consolidated with effect from
January 1, 2004.
4 Significant transactions
In addition to the acquisitions cited in note 3 “Consolidated
group”, the following significant transactions affected the Group’s
net assets, financial position, and results of operations in fiscal
year 2004:
IPO of Deutsche Postbank AG
In June 2004, Deutsche Postbank Beteiligungs GmbH, a wholly-
owned subsidiary of Deutsche Post AG, sold 54,499,999 shares in
Deutsche Postbank AG in a public offering in Germany and in
private placements worldwide. In the course of the transaction, the
entire share capital of Deutsche Postbank AG (164,000,000 shares
in total) was admitted to the official market on the German stock
exchanges. By placing the shares, Deutsche Post AG reduced its
stake in Deutsche Postbank AG by 33.23%, from 100% to 66.77%,
and generated gross proceeds of around €1.6 billion. The sale of
these shares lifted the Group’s EBITA by € 75 million, with other
operating income increasing by € 92 million and other operating
Additional Information Consolidated Financial Statements