DHL 2008 Annual Report Download - page 50
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Deutsche Post World Net Annual Report 2008
Liquidity and sources of funds
As of the balance sheet date, the Group (excluding Postbank) had cash and cash
equivalents in the amount of , million (previous year: , million) at its dis-
posal. A large portion of this is accounted for by subsidiaries in countries where foreign
exchange transactions are unrestricted. In , the main sources of non-recurring
cash in ows related to the sale of real estate to investor Lone Star ( million)
and the repayment received in the state aid proceedings ( , million). ese cash
in ows were o set by non-recurring cash out ows of billion for our participation
in the capital increase at Deutsche Postbank .
e nancial liabilities reported in our balance sheet break down as follows:
Financial liabilities (Postbank at equity)
€ m
2008
Bonds 2,019
Due to banks 1,080
Finance lease liabilities 531
Liabilities to Group companies 184
Other fi nancial liabilities 283
4,097
e largest single items under nancial liabilities are the two listed bonds of
Deutsche Post Finance . . Also of signi cance are the two municipal bonds taken out
to fund investments at the airports in Wilmington, Delaware, and Cincinnati, Ohio, in
the , project nancing received from the European Investment Bank for mail sorting
centres in Germany and an centre in the Czech Republic. Further information on
the reported financial liabilities is contained in the Notes.
In addition to borrowings, operating leases are an important source of funding
for the Group. We use operating leases to nance real estate as well as aircra , vehicle
eets and equipment, as shown in the following table:
Operating lease obligations by asset class (Postbank at equity)
€ m
2008
Land and buildings 6,313
Technical equipment and machinery 68
Other equipment, offi ce and operating equipment 560
Aircraft 194
7,135
e main driver for the increase in operating lease obligations in was the
sale and leaseback agreements entered into for portions of the real estate portfolio sold
to Lone Star. e sale was part of our Roadmap to Value capital markets programme
aimed at cash generation, amongst other things.
One major funding initiative in was the commercial paper programme we
launched in January, which provided us with short-term nancing and supple mented
our bilateral credit lines. e average drawdown on the facility was around mil-
lion in the year under review.
Note 46
46