DHL 2011 Annual Report Download - page 187

 e cash  ow projections are based on the detailed plan-
ning for , depreciation / amortization and investment planning
adopted by management, as well as changes in net working capital,
and take both internal historical data and external macroeconomic
data into account. From a methodological perspective, the detailed
planning phase covers a three-year planning horizon from  to
. It is supplemented by a perpetual annuity representing the
value added from  onwards.  is is calculated using a long-
term growth rate, which is determined for each  separately and
which is shown in the table below.  e growth rates applied are
based on long-term real growth  gures for the relevant economies,
growth expectations for the relevant sectors and long-term in a-
tion forecasts for the countries in which the  s operate.  e
cash  ow forecasts are based both on past experience and on the
e ects of the anticipated future general market trend. In addition,
the forecasts take into account growth in the respective geograph-
ical submarkets and in global trade, and the ongoing trend towards
outsourcing logistics activities. Cost trend forecasts for the trans-
portation network and services also have an impact on value in use.
 e pre-tax cost of capital is based on the weighted average
cost of capital.  e (pre-tax) discount rates for the individual  s
and the growth rates assumed in each case for the perpetual annu-
ity are shown in the following table:
. Allocation of goodwill to  s
 m
2010 2011
Total goodwill 1 10,666 10,973
 662 687
 National 94 n. a.
 International 568 n. a.
 4,158 4,161
 , 
 Global Forwarding 3,723 3,843
 Freight 268 280
 
 Supply Chain 1,647 1,699
Williams Lea 322 417
1 Goodwill from reconciliation amounts to  – million (previous year:  – million).
 e structure of the   has been adjusted compared
with the previous year.  e  National and  International
 s have been combined in accordance with the criteria set out in
 . as they are no longer managed separately by top manage-
ment.  e prior-period amount was adjusted on a pro forma basis
to assure comparability.
For the purposes of annual impairment testing in accordance
with  , the Group determines the recoverable amount of a
 on the basis of its value in use.  is calculation is based on
projections of free cash  ows that are initially discounted at a rate
corresponding to the post-tax cost of capital. Pre-tax discount rates
are then determined iteratively.
Discount rates Growth rates
2010 2011 2010 2011
 
 Supply Chain 9.5 9.2 2.5 2.5
Williams Lea 9.7 7.8 2.0 2.0
 , 
 Freight 9.6 9.4 2.0 2.0
 Global Forwarding 9.5 9.2 2.5 2.5
 1 n. a. 8.6 n. a. 0.5
 National 9.2 n. a. 0.0 n. a.
 International 8.8 n. a. 1.0 n. a.
 2 10.6 n. a. 2.0 n. a.
1 In fi nancial year , the  National and  International  s were combined in accordance with the criteria set out in  ..
2 No fi gures given for fi nancial year  due to the application of  . in the year under review.
All conditions set out in  . were met for the 
 as at  December , with the result that no new detailed
calculation was made of the recoverable amount.  ere was no risk
of impairment as at  December .
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Balance sheet disclosures
181