DHL 2009 Annual Report Download - page 60

 e signi cant decline in current assets (from  , million to  , million)
is primarily due to the Postbank sale: following its deconsolidation, all Postbank assets
were recognised as disposals, thereby reducing assets held for sale to almost zero. Due
to the planned sale of our business involving domestic day-de nite shipments in France
and the , we reclassi ed the corresponding assets as held for sale. Part of the funds
obtained from the sale of Postbank was invested in short-term capital market instru-
ments; these represented the key factor in the increase in current  nancial assets from
  million to  , million. Cash and cash equivalents increased from  , mil-
lion to  , million, due in particular to the remaining portion of the cash received.
In contrast, receivables and other assets decreased from  , million to  , mil-
lion, primarily as a result of the general economic situation.
Compared with  December , equity attributable to Deutsche Post sharehold-
ers rose by   million to  , million.  e increase was primarily due to the con-
solidated net pro t for the period, whereas the dividend payment for  nancial year
 served to decrease this item.  e signi cant  , million decline in minority
interests to   million is due to the deconsolidation of Postbank.
 e sale of Postbank was also the key factor behind the reduction in non-current
and current liabilities. All of Postbank’s liabilities and provisions were reported under
liabilities associated with assets held for sale as at  December  and were recog-
nised in full as disposals following its deconsolidation.  is resulted in a net decline
of  , million. Financial liabilities increased from  , million to  , mil-
lion. Current  nancial liabilities were reduced from  , million to   million,
primarily because bank loans were repaid and liabilities from foreign currency de-
rivatives fell. By contrast, non-current  nancial liabilities increased from  , mil-
lion to  , million, as a mandatory exchangeable bond was subscribed as part of
the Postbank sale and the put options were collateralised. Non-current and current
provisions declined from  , million to  , million due in particular to the
utilisation of provisions for restructuring measures and lower deferred tax liabilities.
Trade payables amounted to  , million as at  December  and were therefore
slightly below the previous year ( , million). Other current and non-current li-
abilities also fell by   million, from  , million to  , million.
Indicators for continuing operations
In order to ensure the comparability of the indicators,  gures as at  Decem-
ber  refer to an analysis with Postbank presented on an equity-accounted basis
(“ Postbank at equity”).
 e revision of our chart of accounts a ected the composition of net debt / net liquid-
ity: this indicator now also contains the e ects of the measurement of derivatives.  e
prior-year amounts have been adjusted accordingly. Details are presented in the Notes.
 e sale of Postbank signi cantly reduced our net debt and increased our net li-
quidity. Although  nancial liabilities increased following subscription of the mandatory
exchangeable bond and payment of the collateral for the put option on the remaining
Notes  to 
Table . and Note 
Notes  to 
Note 
Deutsche Post DHL Annual Report 
Group Management Report
Earnings, Financial Position
and Assets and Liabilities
Assets and liabilities
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