DHL 2008 Annual Report Download - page 54
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Deutsche Post World Net Annual Report 2008
e increase in net cash from operating activities and the decrease in net cash
used in investing activities resulted in a signi cant improvement in free cash ow, which
increased by million to , million (previous year: , million).
Net cash used in nancing activities amounted to , million (previous
year: , million). At , million, the higher dividend paid to our shareholders
for nan cial year accounted for the largest share. In addition, the repayment of
nan cial liabilities led to a cash out ow of million.
Due to the changes described in the cash ows from the individual activities,
cash and cash equivalents increased slightly compared with the previous year, from
, million to , million.
Assets and liabilities
Consolidated balance sheet changed fundamentally
e structure of the consolidated balance sheet changed fundamentally as at
December due to the announced sale of Postbank. All assets and liabilities
asso ciated with this segment have been reclassi ed as assets held for sale and liabilities
asso ciated with assets held for sale. In contrast, this did not a ect the balance sheet as
at December .
Total assets increased by , million to , million, particularly as
a result of Postbank’s successful sales activities, which are re ected in the aforemen-
tioned items.
Non-current assets declined from , million to , million, prima-
rily because Postbank’s non-current assets were reclassi ed and intangible assets were
reduced by impairment losses in the Division. Furthermore, the sale
of real estate to Lone Star, which was completed as at July , reduced property,
plant and equipment by million. is is also the main reason for the decrease in
investment property from million to million. At , million, deferred tax
assets were at the prior-year level ( , million).
e . rise in current assets to , million is likewise due primarily
to the reclassi cation of Postbank’s assets. Receivables and other assets decreased by
, million to , million, mainly because we improved receivables manage-
ment. Cash and cash equivalents declined by , million, principally due to a fall
in Postbank’s cash reserve.
Equity attributable to Deutsche Post shareholders decreased from , mil-
lion to , million. e capital base declined due to the dividend payment for nan-
cial year ( , million), the adjusted revaluation reserve ( million), currency
translation losses ( million) and the consolidated net loss ( , million).
Free cash fl ow
€ m
2,448
2008
1,498
2007
50