DHL 2008 Annual Report Download - page 178

Deutsche Post World Net Annual Report 2008
 e following assets and liabilities were acquired upon the
acquisition of companies (see also Note 2):
€ m
2007 2008 1)
Non-current assets 98 23
Receivables and other securities
from fi nancial services 26 0
Current assets (excluding cash and cash equivalents) 212 174
Provisions – 70 – 1
Other liabilities – 214 – 305
1) Continuing operations.
Investing activities (discontinued operations) resulted in
a cash in ow of   million compared with   million in the
previous year.
Free cash  ow is the aggregate of net cash from operating
activities and net cash used in investing activities. Free cash  ow is
considered to be an indicator of how much cash is available to the
company for dividend payments or the repayment of debt. Since
net cash from operating activities rose and net cash used in invest-
ing activities fell, free cash  ow (continuing operations) improved
signi cantly increasing from  , million in the previous year to
 , million in  nancial year .
50.3 Net cash used in fi nancing activities
Net cash used in  nancing activities (continuing opera-
tions) rose year-on-year by   million to  , million (previous
year:  , million). At   million, the repayment of non-current
 nancial liabilities was almost at the prior-year level (  million),
whereas long-term borrowing decreased year-on-year: As a result,
cash in ows amounted to   million,   million below the prior-
year level.  e change in current  nancial liabilities led to a decrease
in cash out ows of   million (  million in the year under
review compared with   million in the previous year).  e cash
in ows and out ows from foreign currency derivatives are reported
under other  nancing activities: A net cash in ow of   million
was recognised in the previous year in contrast to a net cash out-
 ow of   million in  nancial year .  e dividend payment
to shareholders of  , million – another increase – accounts
for the largest share of cash paid as part of  nancing activities. At
  million, interest payments are slightly above the prior-year
 gure (  million).
Cash in ows from  nancing activities (discontinued opera-
tions) amounted to   million, which represents an   million
year-on-year increase.
50.4 Cash and cash equivalents
 e cash in ows and out ows described above produced
cash and cash equivalents (continuing operations) of  , million
(see Note 37).  is is a slight year-on-year increase of   million.
Currency translation di erences reduced cash and cash equiva-
lents by   million; changes in the consolidated group, by contrast,
brought an increase of   million.
Net cash from operating activities before changes in work-
ing capital (continuing operations) amounts to  , million, thus
being largely on the previous year’s level (, million).  was
impacted in particular by higher non-cash additions to provisions.
In addition,  was reduced by non-cash impairment losses rec-
ognised on goodwill and intangible assets which were added back
in the depreciation/amortisation of non-current assets item.  e
  million cash repayment from state aid proceedings had an o -
setting e ect.  e reduction in working capital in particular resulted
in a higher cash in ow from operating activities.  e reduction of
receivables and other assets was a main contributor to this devel-
opment. Overall, net cash from operating activities (continuing
operations) increased by   million year-on-year to  , mil-
lion. A cash out ow from operating activities of  , million was
reported for discontinued operations (previous year: cash in ow of
 ,   mi l l ion).
Non-cash income and expense
€ m 31 December
2007
restated 1)
31 December
2008
Expense from remeasurement of assets 54 153
Income from remeasurement of liabilities – 26 – 4
Staff costs relating to stock option plan 14 4
Other 564
Other non-cash income and expense 47 217
1) Presentation of the Deutsche Postbank Group differs (see Notes 3 and 5).
50.2 Net cash used in investing activities
Cash  ows from investing activities mainly result from
cash received from disposals of non-current assets and cash paid
for investments in non-current assets. Net cash in the amount of
  million was used in investing activities in the year under review,
thus falling by   million below the previous year’s amount (pre-
vious year:  , million).
Proceeds from disposal of non-current assets increased in
particular because of the sale of a real estate portfolio to  investor
Lone Star (  million). Cash paid to acquire non-current assets
also rose from  , million in the previous year to  , million
in the year under review.  is is due to Deutsche Post ’s share in
Deutsche Postbank ’s capital increase, which is re ected in an
increase in cash paid for subsidiaries and other business units. Fur-
thermore, cash was paid to acquire Flying Cargo (  million) and
to acquire shares in the companies Williams Lea (  million)
and  Logistics (China) Co. Ltd. (  million). Of the increase in
interest received,   million relates to the repayment under the
state aid proceedings.
174