DHL 2005 Annual Report Download - page 128
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43 Financial liabilities
Financial liabilities represent all interest-bearing obligations of
Deutsche Post World Net not classied as liabilities from nancial
services. ey are broken down as follows:
Financial liabilities 2004 2005
€m
Noncurrent financial liabilities
Bonds 3,441 3,501
Due to banks 441 475
Finance lease liabilities 476 528
Other financial liabilities 145 307
4,503 4,811
Current financial liabilities
Bonds 129 3
Due to banks 457 510
Finance lease liabilities 52 48
Liabilities to Group companies 46 9
Other financial liabilities 53 285
737 855
5,240 5,666
Maturities of noncurrent financial liabilities
2004 2005
€m
1 to 2 years 300 1,856
2 to 3 years 1,794 118
3 to 4 years 49 73
4 to 5 years 63 62
More than 5 years 2,297 2,702
4,503 4,811
Bonds 2004 2005
Nominal
coupon
Issue
volume Issuer
Carrying amount
€m
Fair value
€m
Carrying amount
€m
Fair value
€m
Bond 2002/2007 4.25% €636m Deutsche Post Finance B.V. 652 662 645 649
Bond 2002/2012 5.125% €679m Deutsche Post Finance B.V. 721 746 729 746
Bond 2003/2014 4.875% €926m Deutsche Post Finance B.V. 971 996 978 1,002
Bond 2003 1.15% US$230m
DHL Holdings Inc. (USA) via
Kenton County Airport Board 168 168 158 158
Exchangeable bond 2004/2007 2.65% €1,018m
Deutsche Post Finance B.V.,
assumed by Deutsche Post AG 1,058 1,058 994 994
3,570 3,630 3,504 3,549
e exchangeable bond relating to Deutsche Postbank AG’s IPO
issued by Deutsche Post Finance B.V. in July 2004 was transferred to
Deutsche Post AG as of September 14, 2004.
e bonds issued by Deutsche Post Finance B.V. are fully guaranteed
by Deutsche Post AG.
In connection with the acquisition of Exel, the latter’s shareholders
were also oered loan notes instead of Deutsche Post AG shares or
cash. e loan notes in the amount of €167 million are reported un-
der other noncurrent nancial liabilities.
Annual Report 2005
124