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Please find page 139 of the 2008 DHL annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Deutsche Post World Net Annual Report 2008
Consolidated Financial Statements
Notes
3 Signifi cant transactions
In addition to the acquisitions and disposals cited in
Note 2
,
the following signi cant transactions a ected the Group’s net assets,
nancial position and results of operations in nancial year :
In September , steps were initiated to sell the Deutsche
Postbank Group following the decision taken by manage ment on
September . e agreement between Deutsche Bank and
Deutsche Post was adjusted in January . Further informa-
tion can be found in Note 61 (Signi cant events a er the balance
sheet date). e agreement entered into in September provided for the
sale of a . minority stake in Deutsche Postbank to Deutsche
Bank for . billion or . per share. Approval was granted
by the relevant regulatory and competition authorities and by the
German government in November. Furthermore, mutual call and
put options for additional shares in Deutsche Postbank have been
agreed. Deutsche Post has granted Deutsche Bank the option of
acquiring an additional . of the shares of Deutsche Postbank
for . per share. is option can be exercised between and
months a er the acquisition of the . stake has been com-
pleted. At the same time, Deutsche Post has been granted a put
option: It is entitled to sell its remaining stake of . plus one
share in the Deutsche Postbank Group to Deutsche Bank for
. per share. Deutsche Post can exercise its option between
and months a er the sale of its minority stake to Deutsche
Bank has been completed. In addition, Deutsche Post has granted
Deutsche Bank a right of rst refusal for its remaining shares in
the Deutsche Postbank Group. Deutsche Bank can pay for the stakes
from both options in cash or fully or partially with its own shares. In
accordance with . (g), the options do not fall within the scope
of and therefore do not a ect accounting. As at December
, the fair values of the options amounted to – million and
, m i ll ion.
In addition, Deutsche Post participated as majority share-
holder in a capital increase carried out by Deutsche Postbank in
November . Deutsche Post undertook to purchase all shares
not subscribed for by other investors, in addition to its existing inter-
est. As a result, its shareholding in Deutsche Postbank increased
to . . e capital increase gave rise to negative goodwill amount-
ing to million which was reversed to income. Further explana-
tions can be found in Notes 21 and 38.
In November , the Group announced that it would with-
draw from the domestic express business at the beginning of .
e Group will concentrate on its international core competencies in
the express market in future and will discontinue its domestic air
and ground express business at the end of January . However,
the full range of the Group’s international products will continue to
be o ered in the . e total restructuring costs will amount to
around . billion, spread over two years. Expenses in the amount
of , million were already incurred for the planned measures in
nancial year .
As a result of the impairment test in respect of the Supply
Chain Cash Generating Unit ( – smallest identi able group of
assets), an impairment loss amounting to million was recog-
nised. e ’s recoverable amount of , million was less than
its carrying amount of , million. A further impairment loss of
million was recognised on goodwill for the , since its
carrying amount of million was higher than its recoverable
amount of million. e Group also resolved to discontinue
using the Exel brand. As at December , the brand name was
fully written down in an amount of million. Further details
can be found in Note 26 (Intangible assets).
On July , the European Court of First Instance in Lux-
embourg annulled the European Commission’s state aid ruling of
. At the time, the Commission had ordered Deutsche Post
to repay alleged state aid and interest amounting to million to
the Federal Republic of Germany. e Commission had ruled that,
between and , Deutsche Post misused state aid intended
to nance the universal service as a cross-subsidy to cover its costs
in the competitive market segment where it carries parcels for busi-
ness customers. Deutsche Post appealed against the ruling in the
same year. In August , Deutsche Post received , mil-
lion back from the German federal government on the basis of this
ruling. Information on subsequent developments can be found in
Note 54 (Litigation).
The sale of Deutsche Post real estate to investor
Lone Star took economic e ect on July . e real estate com-
prised properties located mainly in Germany with a residual car-
rying amount of million. e rst payment of the purchase
price amounting to million was made in June ; a further
million was paid in December. e Group will lease back the
majority of the properties under operating leases. In the course of
the period, the properties were reported as assets held for sale. e
impairment losses of million arising from their measurement
under were reported under other operating expenses.
e following table presents an overview of the impact of sig-
ni cant non-recurring items on pro t or loss from operating activi-
ties () in nancial year (at Group level):
Signifi cant non-recurring items
€ m 1 January to
31 December 2008
Profi t from operating activities (EBIT) before non-recurring items 2,410
Repayment of state aid +572
Restructuring and reorganisation expenses
for the US express business – 2,117
Impairment of goodwill in the SUPPLY CHAIN / CIS Division – 610
Restructuring and reorganisation expenses
(other areas of the Group) – 440
Exel brand name fully written down – 382
Loss from operating activities (EBIT) after non-recurring items – 567
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