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Notes Consolidated Financial Statements
Deutsche Post World Net Annual Report 2007
36 Other reserves
€m 2006 2007
Capital reserve 2,037 2,119
Revaluation reserve in accordance with IAS 39 36 –251
Hedging reserve in accordance with IAS 39 –94 –96
Currency translation reserve – 451 – 897
Other reserves 1,528 875
36.1 Capital reserves
€m 2006 2007
Capital reserves as at 1 January 1,893 2,037
Additions
of which exercise of stock options plans 115 68
of which issue of stock option plans 29 14
Capital reserves as at 31 December 2,037 2,119
e measurement of the and Stock Option Plans resulted in
sta costs for the stock options in the amount of million in nan-
cial year (previous year: million); this amount was charged to
capital reserves. Further details of the stock option plans can be found
in Note .
36.2 Revaluation reserve in accordance with IAS 39
e revaluation reserve contains gains and losses from changes in the
fair values of available-for-sale nancial instruments that have been
taken directly to equity. is reserve is reversed to income either when
the assets are sold or otherwise disposed of, or if the fair value of the
assets falls permanently below their cost.
€m 2006 2007
As at 1 January 220 36
Additions (+) / disposals (–) –114 –439
Transfer to minority interest –52 0
Deferred taxes recognised directly in equity 65 88
Changes in consolidated group 0 3
Reversed to income – 83 61
Revaluation reserve as at 31 December 36 –251
In financial year , on the one hand available-for-sale financial
instruments in the amount of million (previous year: – mil-
lion) were reversed to income; on the other the reserve was reduced by
million (previous year: million) as a result of the remeasure-
ment of available-for-sale nancial instruments. Further details can be
found in Note . e revaluation reserve relates almost entirely to gains
or losses on the fair value remeasurement of nancial instruments of the
Deutsche Postbank Group.
36.3 Hedging reserve
e hedging reserve is adjusted by the e ective portion of a cash ow
hedge. e hedging reserve is released to income when the hedged item
is settled.
€m 2006 2007
As at 1 January –51 –94
Additions – 40 – 42
Disposals –3 40
Hedging reserve as at 31 December –94 –96
e change in the hedging reserve is mainly the result of the increase
in unrealised losses and of hedging future operating foreign currency
transactions. In the nancial year, unrealised losses of million were
taken from the hedging reserve and recognised in operating pro t;
million were transferred from the hedging reserve to net nance
cost/ nancial income.
36.4 Currency translation reserve
e change is due to the decrease in exchange rates for major foreign
currencies.
€m 2006 2007
As at 1 January – 41 – 451
Changes not recognised in income – 410 – 446
Currency translation reserve
as at 31 December – 451 – 897
37 Retained earnings
Retained earnings contain the undistributed consolidated pro ts gen-
erated in prior periods. Changes in the reserves during the year under
review are also presented in the statement of changes in equity.
€m 2006 2007
As at 1 January 7,410 8,490
Dividend payment – 836 –903
Consolidated net profi t 1,916 1,389
Retained earnings as at 31 December 8,490 8,976