DHL 2005 Annual Report Download - page 62

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• On October 12, 2005, we disposed of Fuelserv Ltd., the second largest UK operator of
market-independent fuel cards and refueling sites.
• We also disposed of the LBC group in October. Based in Sweden, the LBC group is
a specialist provider of logistics and transport solutions to the Scandinavian furniture
industry.
DHL takes over distribution logistics for KarstadtQuelle
In the LOGISTICS Corporate Division, we made a number of complementary acquisi-
tions both prior to and in parallel with the takeover of Exel:
• In the ocean freight business, on November 14, 2005, we acquired all the shares in the
freight forwarder Multicontainer S.A., a company headquartered in Greece. e com-
pany transfer took place on January 1, 2006.
• At the end of September, we disposed of our minority interest (33%) in the French com-
pany France Handling S.A., which provides ground handling services at selected airports
in France.
• In contract logistics, we acquired signicant parts of KarstadtQuelle AG’s logistics op-
erations. With economic eect from April 1, 2005, we initially took over distribution
logistics for the Karstadt department stores. In addition to the assets and business of our
customer, we gained around 3,600 employees. On July 1, 2005, we then assumed respon-
sibility for distribution logistics for bulky goods and part-load services. As part of this
overall framework, on June 8, 2005, we increased our equity interest in Gesellscha für
Privatkundenlogistik mbH from 10% to 100% enabling us to control the distribution of
bulky goods over and above the warehouse function.
Consolidated balance sheet
Total assets rose by 12.1% to €171,893 million at the balance sheet date (previous year:
€153,396 million). is development was largely the result of an increase in the receivables
and other securities, as well as liabilities from nancial services items, which both repre-
sent the operating business of Postbank in the consolidated balance sheet. Total assets
were also inuenced by the rst-time consolidation of the Exel group in particular.
Noncurrent assets increased by 43.7% in the period under review to €24,471 million (pre-
vious year: €17,027 million). e main factor here was the provisional goodwill, included
under intangible assets, resulting from the rst-time consolidation of the Exel group.
Overall, intangible assets increased by €5,903 million to €12,749 million (previous year:
€6,846 million). Property, plant and equipment rose by 16.4% or €1,336 million year-on-
year to €9,505 million (previous year: €8,169 million). is increase was due in particular
to investments in the IT centers in Prague and Scottsdale, as well as assets worth €981
million included in the nancial statements as a result of the acquisition of the Exel group.
Noncurrent nancial assets fell slightly by €52 million from €1,013 million to €961 mil-
lion. At €373 million, other noncurrent assets were higher than the prior-year gure of
€235 million, primarily due to the inclusion of pension assets of €117 million from the
Exel group’s overfunded pension plans. Deferred tax assets increased by €119 million to
€883 million (previous year: €764 million), mainly as a result of temporary dierences at
Deutsche Postbank AG and Deutsche Post AG.
Annual Report 2005
58