DHL 2006 Annual Report Download - page 59
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Selected indicators for the “Postbank at equity”
scenario
e business activities of the Deutsche Postbank Group dier 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, current
nancial instruments, long-term deposits and nancial liabilities to minority
shareholders of Williams Lea. Net debt was reduced from , million to ,
million which was due in particular to calling the exchangeable bond.
At the same time, the ratio of net debt to the total of equity and net debt combined
also fell: Net gearing decreased from . to ..
Selected indicators for net assets (Postbank at equity)
2005
restated 2006
Equity ratio % 28.9 31.6
Ratio of equity to fixed assets % 40.4 46.3
Net debt €m 4,193 3,083
Net gearing % 28.1 21.4
Net interest cover 19.0 8.3
Dynamic gearing ratio years 2.4 1.4
Net interest cover of . indicates that EBIT exceeds net interest payment liabilities by
a factor of .. In the previous year, this indicator stood at ..
e dynamic gearing ratio expresses the average number of years required to repay
outstanding debt using the whole of the operating cash ow generated in the year
under review. Accordingly, in , net debt would have been paid by operating cash
ow in . years (previous year: . years). e improvement is attributable to the
increase in operating cash ow and the decrease in net debt.
Net Assets and Financial Position 55
Group Management Report
Deutsche Post World Net Annual Report 2006