DHL 2009 Annual Report Download - page 190

Net cash from operating activities due to continuing opera-
tions before changes in working capital amounts to   million,
thus being signi cantly below the previous year’s level (previous
year:  , million).  is is mainly due to provisions utilised pri-
marily for restructuring the  express business.  e working capi-
tal reduction resulted in an overall cash in ow of   million. Net
cash used for liabilities and other items of   million compares
with net cash from changes in receivables and other current assets of
  million. On balance, at  , million, net cash from operating
activities is by  , million below the previous year’s level.
Non-cash income and expense
 m 2008
adjusted1)
2009
Expense from remeasurement of assets 271 236
Income from remeasurement of liabilities –137 –107
Staff costs relating to stock option plan 4 0
Miscellaneous 64 –1
Other non-cash income and expense 202 128
 Prior-period amount adjusted, see Note .
. 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 in-
vestments in non-current assets. Interest and dividends received
from investing activities as well as cash  ows from changes in cur-
rent  nancial assets are included as well. At  , million, net cash
used in investing activities exceeds the previous year’s amount by
  million.  is increase is the result of last year’s sale of the real
estate package to Lone Star investment company leading to cash
in ows of   million as well as of the refund of   million
in interest from the repayment of  state aid.  ere was a sig-
ni cant decline in cash paid to acquire non-current assets. Cash
payments for property, plant and equipment and intangible assets
relate among other items to the modernisation of mail centres and
 as well as to the maintenance of the global aircra network. Large
amounts were used last year particularly for the construction of the
European and Asian air hubs. On balance, the change in current
 nancial assets resulted in cash out ows of   million. Cash was
received from the sale of Deutsche Bank shares which was invested
on the capital market. Cash paid for investments in subsidiaries and
other business units dropped signi cantly from  , million in
the previous year to   million. Cash was required in the previous
year mainly for the capital increase of Deutsche Postbank .
  million of the trade payables (previous year:   mil-
lion) relate to Deutsche Post . Trade payables primarily have a
maturity of less than one year.  e reported carrying amount of
trade payables corresponds to their fair value.
CASH FLOW DISCLOSURES
 Cash fl ow disclosures
 e cash  ow statement of the continuing operations is pre-
pared in accordance with   (Cash Flow Statements) and dis-
closes the cash  ows in order to present the source and application
of cash and cash equivalents. It distinguishes between cash  ows
from operating, investing and  nancing activities. Cash and cash
equivalents are composed of cash, cheques and bank balances
with a maturity of not more than three months, and correspond
to the cash and cash equivalents reported on the balance sheet.
 e e ects of currency translation and changes in the consolidated
group are adjusted when calculating cash and cash equivalents. As
Deutsche Postbank Group ceased to be part of the continuing op-
erations, the changes in cash and cash equivalents from its di erent
activities were recognised separately.
 e transaction agreed in January on the sale of Postbank
shares to Deutsche Bank was completed on  February  as
scheduled. As a result of the ensuing deconsolidation, the cash  ow
statement of the discontinued operations comprises only January
and February of the reporting period. Since the reporting period
and the prior period are therefore not comparable, we do not
present further details on the cash  ows relating to discontinued
operations.
. Net cash from operating activities
Cash  ows from operating activities are calculated by adjust-
ing net pro t before taxes for net  nancial income / net  nance costs
and non-cash factors, as well as taxes paid, changes in provisions
and in other non-current assets and liabilities (net cash from oper-
ating activities before changes in working capital). Adjustments for
changes in working capital (excluding  nancial liabilities) result in
net cash from or used in operating activities.
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Cash fl ow disclosures
173