DHL 2005 Annual Report Download - page 129

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e following table contains the terms and conditions of signicant
individual contracts reported under amounts due to banks:
Terms and conditions 2004 2005
Coupon Term
Carrying amount
€m
Fair value
€m
Carrying amount
€m
Fair value
€m
Deutsche Post International B.V., Netherlands 3-month floater June 2011 105 95 89 89
Deutsche Post International B.V., Netherlands 3.85 Apr. 2006 102 106 102 105
Deutsche Post International B.V., Netherlands 5.19 Mar. 2006 104 103 104 106
Deutsche Post International B.V., Netherlands 5.81 Feb. 2011 72 66 61 59
Deutsche Post International B.V., Netherlands 5.82 Dec. 2005 17 18 0 0
400 388 356 359
€356 million of the above-mentioned liabilities due to banks was col-
lateralized.
€410 million of the nance lease liabilities (previous year: €397 mil-
lion) relates to aircra leases entered into by DHL Operations B.V.,
Netherlands, with Barclays Mercantile Business Financing Limited,
London. e interest rate is 3.745%; the leases run until 2027 and
2028.
Other nancial liabilities are mainly attributable to Deutsche Post
International B.V., Netherlands, in the amount of €139 million (pre-
vious year: €178 million), and relate to QTE leases, as in the previous
year.
All the nancial liabilities relate to the following companies:
Financial liabilities broken down by company
2004 2005
€m
Deutsche Post Finance B.V., Netherlands 2,344 2,350
Deutsche Post AG 1,075 1,170
Deutsche Post International B.V., Netherlands 578 478
Exel group 0 451
DHL Operations B.V., Netherlands 397 410
Other Group companies 846 807
5,240 5,666
e following table compares the fair values and carrying amounts of
the nancial liabilities of Deutsche Post World Net:
Financial liabilities 2004 2005
€m
Carrying
amounts Fair values
Carrying
amounts Fair values
Bonds 3,570 3,630 3,504 3,549
Due to banks 898 886 985 988
Liabilities to Group companies 46 46 9 9
Finance lease liabilities 528 528 576 576
Other financial liabilities 198 165 592 578
5,240 5,255 5,666 5,700
Dierences between fair values and carrying amounts result from
changes in market interest rates for nancial liabilities of equivalent
maturities and risk structures.
Short maturities or marking-to-market means that there are no sig-
nicant dierences between the carrying amounts and fair value of
all other primary nancial instruments. ere is no signicant inter-
est rate risk because most of these instruments bear oating rates of
interest at market rates. e dierences between the fair values and
carrying amounts of the nancial liabilities are therefore relatively
minor.
Details of existing credit lines can be found in the Group Manage-
ment Report in the “Financial Analysis” section.
44 Other liabilities
Other liabilities 2004 2005
€m
Other noncurrent liabilities 2,989 3,989
Other current liabilities 2,965 3,832
5,954 7,821
Deutsche Post World Net
125
Notes
Consolidated Financial StatementsAdditional Information