DHL 2011 Annual Report Download - page 189

Investments in associates principally relate to Air Hong Kong
Ltd, China, Danzas  Emirates , United Arab Emirates and
Unipost Servicios Generales . ., Spain.  e complete list is shown
in Note  in the list of shareholdings.
 e decline in investments in associates is largely due to
the reclassi cation as held for sale at the end of February  of
the carrying amount of the investment in Deutsche Postbank 
( , million); Notes  and .
Further disclosures on impairment losses are contained in
Note .
 e following tables show a summary of the aggregate in-
come statements and balance sheets of the associates.  e amounts
do not relate to the shares attributable to Deutsche Post DHL, but
are presented based on a notional   shareholding.
Aggregate results
 m
2010 2011
Revenue 8,841 1 584
Net profi t for the year 139 4
1 For Deutsche Postbank , revenue includes interest income, commission income
and net trading income.
Aggregate balance sheets
 m
2010 2011
Assets 215,179 513
Liabilities and provisions 209,451 410
 Non-current fi nancial assets
 m
2010 2011
Available-for-sale fi nancial assets 142 172
Loans and receivables 468 428
Assets at fair value through profi t or loss 2,531 94
Held-to-maturity fi nancial assets 5 0
Lease receivables 47 35
Non-current fi nancial assets 3,193 729
 e decrease in assets at fair value through pro t or loss
resulted from the reclassi cation of the put option related to the
planned sale of the interest in Deutsche Postbank to Deutsche
Bank .  is was reclassi ed as current due to its maturity date;
see also Note .  is item also includes derivatives for hedging
the currency risk.
. Finance leases
 e following assets are carried as non-current assets result-
ing from  nance leases:
 m
2010 2011
Land and buildings 57 51
Technical equipment and machinery 8 6
Other equipment, operating and o ce equipment 25 17
Aircraft 281 249
Vehicle fl eet and transport equipment 3 4
Finance leases 374 327
 e corresponding liabilities from  nance leases are included
under  nancial liabilities; see Note ..
 Investment property
 m
2010 2011
Cost
As at  January 45 53
Reclassifi cations 10 13
Disposals –3 –5
Currency translation differences 1 0
As at  December 53 61
Depreciation
As at  January 13 16
Reclassifi cations 3 5
As at  December 16 21
Carrying amount as at  December 37 40
Rental income for this property amounted to   million (pre-
vious year:   million), whilst the related expenses amounted to
  million (previous year:   million).  e fair value amounted to
  million (previous year:   million).
 Investments in associates
Investments in associates changed as follows:
 m
2010 2011
As at  January 1,772 1,847
Changes in Group’s share of equity
Changes recognised in profi t or loss 56 60
Profi t distributions –4 0
Changes recognised in other comprehensive
income 93 10
Impairment losses –69 –72
Elimination of intercompany profi ts and losses –1 0
Reclassifi ed to current assets 0 –1,801
Carrying amount as at  December 1,847 44
Deutsche Post DHL Annual Report 
Consolidated Financial Statements
Notes
Balance sheet disclosures
183