DHL 2005 Annual Report Download - page 133

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Other non-cash income and expense
Dec. 31, 2004 Dec. 31, 2005
€m
Write-downs and other valuation allowances
on current assets 149 168
Income from reversal of write-downs of cur-
rent assets –10 –57
Staff costs relating to stock option plan 33 36
Non-cash income and expense of Deutsche
Postbank group 326 205
Other –72 –72
426 280
50.2 Net cash used in investing activities
Cash ows from investing activities mainly result from cash received
from disposals of noncurrent assets and cash paid for investments in
noncurrent assets. Net cash used in investing activities totaled €5,052
million in the year under review (previous year: €385 million).
Disposals of items of noncurrent assets generated income for the
Group of €761 million (previous year: €2,038 million, of which
€1,534 million from the disposal of the 33.23% minority interest in
Deutsche Postbank AG). €156 million of this relates to the sale of
shares (primarily trans-o-ex (€65 million), Fuelserv (€35 million)
and Fulco group – LBC Sweden AB, Herrljunga Akeri AB, LBC Fin-
land Oy, GM/ITM A/S (Denmark) – (€21 million)).
€6,176 million (previous year: €2,536 million) was spent on invest-
ments in noncurrent assets. €4,135 million of this amount (previous
year: €793 million) was attributable to the acquisition of companies,
in particular the acquisition of Exel in the amount of €3,720 million,
Blue Dart (€119 million), further shares in DHL Korea (€55 million),
Express Couriers (€22 million) and the assumption of the logistics
activities of KarstadtQuelle AG (asset deal) in the amount of €179
million. e total cash and cash equivalents acquired with these ac-
quisitions amounted to €233 million (previous year: €17 million).
e following assets and liabilities were acquired on the acquisition of
companies:
Acquisitions of companies 2004 2005
€m
Noncurrent assets 199 2,860
Receivables and other securities from
financial services 141 0
Current assets
(excluding cash and cash equivalents) 167 2,243
Provisions –210 –774
Other liabilities –266 –3,050
Further details of the acquisitions can be found in note 3.
Investments in other noncurrent assets increased by €298 million
year-on-year to €2,041 million (previous year: €1,743 million). €1,931
million of this relates to capital expenditure and €110 million to the
acquisition of other noncurrent nancial assets.
In addition to the cash inow or outow due to divestitures or invest-
ments in noncurrent assets, the cash ow from investing activities
also includes interest received in the amount of €210 million (pre-
vious year: €225 million) and a cash inow of €153 million (previous
year: outow of €112 million) from current nancial instruments.
e cash inow from current nancial instruments is largely attribut-
able to the sale by Deutsche Post AG of available-for-sale xed-in-
come securities in the amount of €159 million.
50.3 Net cash used in nancing activities
Cash ows from nancing activities result from the issue and repay-
ment of nancial liabilities, and from distributions. In addition, inter-
est paid in the amount of €360 million (previous year: €443 million)
is included in cash ows from nancing activities.
Overall, net cash used in nancing activities increased from €493
million in the previous year to €1,229 million in the period under
review. In the previous year, the change in nancial liabilities (inow
of €440 million) mainly reected the proceeds from the exchange-
able bond issued by Deutsche Post AG in 2004 on shares of Deutsche
Postbank AG (€1.08 billion). Other repayments of bank loans, pri-
marily by Deutsche Post International B.V., led to total cash outows
of €302 million in the area of nancial liabilities. e dividend paid
to shareholders of Deutsche Post AG resulted in an outow of €556
million (previous year: €490 million). €76 million was paid to minor-
ity shareholders in the period under review, including €68 million to
the minority shareholders of Deutsche Postbank AG. In addition, the
issue of Deutsche Post AG shares under the stock option plan led to a
cash inow of €65 million.
50.4 Cash and cash equivalents
e cash inows and outows described above produced cash and
cash equivalents of €2,084 million at year-end (see note 34 “Cash and
cash equivalents”), down €2,761 million over the prior-year amount
(€4,845 million). Currency translation dierences impacted cash and
cash equivalents in the amount of €–45 million in the year under re-
view (previous year: €–14 million).
Deutsche Post World Net
129
Notes
Consolidated Financial StatementsAdditional Information