DHL 2010 Annual Report Download - page 160

     
On  February , Deutsche Bank  received a . 
interest in Deutsche Postbank  from Deutsche Post DHL in
return for  million Deutsche Bank shares from a capital increase.
 e Deutsche Bank  share package was sold on the market in
the period up to the beginning of July .  million shares were
fully collateralised using a forward and call /put transaction.  e
additional proceeds generated from this transaction are due to
Deutsche Bank  and have been deposited with Deutsche Bank
 as collateral. Settlement for the derivatives and thus the release
of the collateral will take place upon exercise of the mandatory
exchangeable bond in ; see Note .  e sale of the interest
in Deutsche Postbank  a ected earnings in  by   mil-
lion. Of this amount,   million is due to the deconsolidation
gain.  e remaining .  interest in Deutsche Postbank  is
reported as an equity-accounted investment under investments in
associates.  e e ects of the planned Postbank sale are as follows:
As part of the planned sale of Deutsche Postbank shares, an
additional interest of .  will be transferred to Deutsche Bank 
a er three years, in February , when a mandatory exchange-
able bond on Postbank shares becomes due (second tranche).  e
mandatory exchangeable bond was issued by Deutsche Post  in
Effects of the planned Postbank sale
 m
2009 2010
 
Investments in associates 1,705 1,797
Non-current fi nancial assets 789 2,509
Financial liabilities 4,012 4,164
 
Net income from associates 19 52
Net other fi nancial income 632 1,517
Profi t from discontinued operations 432 0
In the prior-year period, the sale of the .  interest in
Deutsche Postbank  resulted in a deconsolidation gain of
  million, which is reported under pro t from discontinued
operations.  e expenses reported in other comprehensive income
in the amount of   million from the   revaluation reserve,
the related tax income of   million and expenses in the amount of
  million from the currency translation reserve were realised in
pro t or loss.  Global Mail Services , France,  Container
Logistics  Ltd., , and   Associates Ltd., , were also sold,
resulting in an aggregate deconsolidation loss of   million.
Disposal and deconsolidation effects 
 m
 Express

 Express
France; 
Freight France
 Supply
Chain Austria Miscellaneous Total1 January to 31 December
Disposal effects
Non-current assets 0 1 37 1 39
Current assets 0 0 36 0 36
Assets held for sale1) 54 69 0 5 128
Cash and cash equivalents 0 0 7 0 7
Non-current liabilities and provisions 0 0 19 0 19
Current liabilities and provisions 0 0 47 0 47
Liabilities associated with assets held for sale1) 39 91 0 2 132
Net assets 15 –21 14 4 12
Total consideration received –26 –243 1 4 –264
Deconsolidation gain (+) / loss (–) –53 –222 –13 0 –288
 Data before deconsolidation.
Disposal and deconsolidation effects 
 m Deutsche
Postbank
Group
Other
companies Total1 January to 31 December
Disposal effects
Non-current assets 0 26 26
Current assets 0 48 48
Assets held for sale1) 243,684 0 243,684
Cash and cash equivalents 0 7 7
Provisions 0 4 4
Trade payables and other liabilities 0 43 43
Financial liabilities 0 9 9
Liabilities associated with assets
heldfor sale1) 238,734 0 238,734
Net assets 4,950 25 4,975
Total consideration received 1,194 3 1,197
Deconsolidation gain (+) / loss (–) 444 –22 422
 Data before deconsolidation.
Deutsche Post DHL Annual Report 
146