DHL 2008 Annual Report Download - page 55
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Deutsche Post World Net Annual Report 2008
Group Management Report
Earnings, Financial Position
and Assets and Liabilities
e , million rise in current and non-current liabilities to , mil-
lion is primarily attributable to Postbank, which further expanded its operations. is
served to increase liabilities associated with assets held for sale. Moreover, this item con-
tains the reclassi ed provisions from discontinued operations. Current and non-current
provisions declined accordingly, whereas in particular the restructuring measures led
to an increase. All in all, this item decreased from , million to , million.
Financial liabilities were reduced considerably by , million to , million.
, million of this reduction relates to Postbank’s reclassi ed subordinated debt.
In addition, loan obligations were repaid and the nancial liabilities to Williams Lea
minority shareholders were reduced. Other current and non- current liabilities declined
from , million to , million.
Indicators for the “Postbank at equity” scenario
When calculating the “Postbank at equity” balance sheet indicators, Postbank
is treated as an investment accounted for using the equity method.
Net debt comprises nancial liabilities less cash and cash equivalents, current
nan cial instruments, long-term deposits and nancial liabilities to minority share-
holders of Williams Lea. Since nancial liabilities decreased whilst cash and cash equiv-
alents were nearly unchanged, net debt declined from , million as at December
to , million.
Net gearing – the ratio of net debt to the sum of equity and net debt combined
– increased from . to . .
Selected indicators for net assets (Postbank at equity)
2007 2008
Equity ratio %31.4 23.8
Ratio of equity to non-current assets %46.9 36.6
Net debt € m 2,858 2,412
Net gearing %20.4 23.3
Net interest cover 7.1 4.2
Dynamic gearing ratio years 1.0 0.7
Net interest cover is calculated by dividing by net interest paid / received
and shows the ratio of to net interest obligations. It declined from . to ..
e dynamic gearing ratio is an indicator of internal nancing capacity and
expresses the average number of years required to pay outstanding debt using the whole
of the cash ow generated in the year under review. As net debt has dropped and oper-
ating cash ow has increased, the dynamic gearing ratio has further improved from
an average of . to . years.
Net debt calculation
(Postbank at equity)
Non-current financial liabilities
Current fi nancial liabilities
Financial liabilities
Cash and cash equivalents
Financial instruments
Long-term deposits (listed on the
balance sheet under assets available
for sale)
Financial liabilities to Williams Lea
minority shareholders
Net debt (Postbank at equity)
51