DHL 2011 Annual Report Download - page 190

  million (previous year:   million) of the deferred
taxes on tax loss carryforwards relates to tax loss carryforwards in
Germany and   million (previous year:   million) to foreign
tax loss carryforwards.
No deferred tax assets were recognised for tax loss carry-
forwards of around  . billion (previous year:  . billion) and
for temporary di erences of around  , million (previous year:
 , million), as it can be assumed that the Group will prob-
ably not be able to use these tax loss carryforwards and tempor-
ary di erences in its tax planning. A re ned method for deter-
mining unused loss carryforwards was applied for the  rst time
as at the current balance sheet date.  e prior-period amounts
were adjusted. Most of the loss carryforwards are attributable to
Deutsche Post . It will be possible to utilise them for an inde n-
ite period of time. In the case of the foreign companies, the sig-
ni cant loss carry forwards will not lapse before .
Deferred taxes have not been recognised for temporary dif-
ferences of   million (previous year:   million) relating to
earnings of German and foreign subsidiaries because these tempor-
ary di erences will probably not reverse in the foreseeable future.
Maturity structure
 m
Short-term Long-term Netting Total

Deferred tax assets 571 908 –326 1,153
Deferred tax
liabilities 326 255 –326 255

Deferred tax assets 171 1,084 –282 973
Deferred tax
liabilities 98 399 –282 215
 Inventories
Standard costs for inventories of postage stamps and spare
parts in freight centres amounted to   million (previous year:
  million).  ere was no requirement to charge signi cant valu-
ation allowances on these inventories.
 m
2010 2011
Raw materials, consumables and supplies 161 170
Finished goods and goods purchased and held
for resale 44 55
Work in progress 13 28
Spare parts for aircraft 5 20
Advance payments 0 0
Inventories 223 273
Write-downs on non-current  nancial assets amounting to
  million (previous year:   million) were recognised in the
income statement because the assets were impaired.   million
(previous year:   million) of this amount is attributable to assets
at fair value through pro t or loss and   million (previous year:
  million) to available-for-sale  nancial assets.
Compared with the market rates of interest prevailing at
 December  for comparable non-current  nancial assets,
most of the housing promotion loans are low-interest or interest-
free loans.  ey are recognised in the balance sheet at a present value
of   million (previous year:   million).  e principal amount
of these loans totals   million (previous year:   million).
Details on restraints on disposal are contained in Note .
(Collateral).
 Other non-current assets
 m
2010 2011
Pension assets 375 453
Miscellaneous 90 117
Other non-current assets 465 570
Further information on pension assets can be found in
Note .
 Deferred taxes
 m 2010 2011
Assets Liabilities Assets Liabilities
Intangible assets 39 210 38 224
Property, plant and
equipment 85 43 92 44
Non-current fi nancial assets 13 71 22 54
Other non-current assets 4 50 7 49
Other current assets 33 18 40 48
Provisions 196 12 269 40
Financial liabilities 332 61 215 75
Other liabilities 54 32 115 47
Tax loss carryforwards 499 – 681 –
Gross amount 1,255 497 1,479 581
Netting –282 –282 –326 –326
Carrying amount 973 215 1,153 255
Deutsche Post DHL Annual Report 
184