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Selected indicators for the “Postbank at equity” scenario
e business activities of the Deutsche Postbank group dier fundamentally from those
of the other companies in the Group. For this reason, we present an additional analysis of
the balance sheet indicators under the “Postbank at equity” scenario. In this perspective,
Postbank is treated as a nancial investment carried at equity.
Net debt comprises nancial liabilities less cash and cash equivalents, securities, current
nancial instruments and long-term deposits. In 2005, net debt increased from €3,991
million to €3,959 million (previous year: €–32 million). is was primarily due to the
acquisition of Exel.
For the same reason, the ratio of net debt to the total of equity and net debt combined also
rose: net gearing increased from –0.4% to 26.8%.
Selected indicators for net assets (Postbank at equity) 2004 2005
Equity ratio1) % 24.5 29.6
Ratio of equity to fixed assets1) % 39.7 41.7
Net debt €m –32 3,959
Net gearing1) % –0.4 26.8
Net interest cover 10.6 20.1
Dynamic gearing ratio years 0 2.4
Net interest cover of 20.1 indicates that EBIT exceeds net interest payment liabilities by a
factor of 20.1. is indicator is up by 9.5 percentage points on the previous year’s value.
e dynamic gearing ratio expresses the average number of years required to repay out-
standing debt using the whole of the operating cash ow generated in the year under
review. Accordingly, in 2005, net debt would have been paid by operating cash ow in
2.4 years. e increase compared with the previous year is once again attributable to the
signicant rise in net debt as a result of the acquisition of Exel.
1) Equity definition restated due to minority interest
contained in equity since 2005.
Annual Report 2005
62