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Deutsche Post World Net Annual Report 2007
Company-wide capex also stepped up, from 1 million to €496 million, and focused
on vehicles, retail outlets and information technology. €189 million were invested in
Deutsche Post Fleet GmbH: Vehicles which had either reached the end of their opti-
mal economic life were replaced and additional vehicles were procured. For Deutsche
Post Retail Outlets capex of €40 million was made to establish new partner outlet
formats and introduce new outlet so ware. In other respects, capital expenditure
was increased by the mutual reversal, for legal reasons, of a purchase agreement we
concluded with Viterra Logistik Immobilien GmbH & Co. KG in December 2000. e
relevant properties were brought into Deutsche Post Immobilienentwicklung Grund-
stücksgesellscha mbH & Co. Logistikzentren KG at the end of December 2007.
Cash fl ow disclosures (Postbank at equity)
Selected cash fl ow indicators (Postbank at equity)
€m 2006 2007
Cash and cash equivalents as at 31 December 1,761 1,339
Change in cash and cash equivalents 377 – 422
Net cash from operating activities 2,178 2,808
Net cash used in investing activities – 871 – 908
Net cash used in fi nancing activities – 876 –2,303
Net cash from operating activities increased by €630 million to €2,808 million. Net
cash from operating activities before changes in working capital matched the pre-
vious year’s level, with a rise in cash out ows for other assets and liabilities being
o set by a drop in non-cash income from the reversal of provisions. EBIT was also
reduced, amongst other things, by the non-cash write-down on EXPRESS Americas
non-current assets, which was added back in under depreciation/amortisation of
non-current assets. Net cash from operating activities improved mostly because the
net out ow of working capital was €597 million down on the previous year.
Net cash used in investing activities came to €908 million, on a par with the previous
year (€871 million). Purchases of non-current assets amounted to €2,009 million.
We also acquired interests in e Stationery O ce, ASTAR Air Cargo and Polar Air
Cargo. Cash in ows of €818 million were primarily accounted for by disposals of
other non-current assets and Vfw AG.
Taking net cash from operating activities and deducting net cash used in investing
activities gives a positive free cash ow of €1,900 million, an increase of €593 million
on the previous year (€1,307 million).
Net cash used in nancing activities rose by €1,427 million to €2,303 million. e
main factors in this larger cash out ow were higher dividend payments of €903 mil-
lion and the scaling back of nancial liabilities (accounting for an out ow of €757 mil-
lion). e increase in interest paid is mainly due to the modi ed, gross disclosure
of nancial derivatives from the beginning of 2007. ere was a parallel increase in
interest received as part of net cash from investing activities.
Free cash flow
€m
1,900
2006
2007
1,307