DHL 2011 Annual Report Download - page 194

. Currency translation reserve
 e currency translation reserve includes the translation
gains and losses from the consolidation of the subsidiaries report-
ing in foreign currency.
 m
2010 2011
As at  January –1,215 – 682
Changes recognised in profi t or loss 20 –26
Changes recognised in other comprehensive income 513 191
Currency translation reserve as at  December – 682 – 517
 Retained earnings
As well as the undistributed consolidated pro ts generated in
prior periods, retained earnings also contain the e ects from trans-
actions with non-controlling interests. Changes in the reserves
during the  nancial year are also presented in the statement of
changes in equity.
 m
2010 2011
As at  January 6,098 7,767
Dividend payment –725 –786
Consolidated net profi t for the period 2,541 1,163
Transactions with non-controlling interests –147 –59
Miscellaneous other changes 0 1
Retained earnings as at  December 7,767 8,086
 e transactions with non-controlling interests of   mil-
lion largely relate to an option to acquire the remaining interest
  in  Lemuir Logistics Private Limited, India. In addition,
the transactions include the acquisition of the remaining   of
shares in Trade Clippers Cargo, Bangladesh, and the further acqui-
sition of   of the shares of  Lebanon , Lebanon.  e
transactions with non-controlling interests reported in an amount
of   million in the previous year related to the acquisition of the
remaining shares in  Air Cargo Holdings, , , which
had already been fully consolidated as a special purpose entity.
Retained earnings include the reserve for treasury shares,
which changed as follows:
 m
2010 2011
As at  January 0–1
Treasury shares acquired –9 –20
Treasury shares issued 8 20
Reserve for treasury shares as at  December –1 –1
Changes in treasury shares are presented in the statement of
changes in equity.
. Hedging reserve in accordance with  
 e hedging reserve is adjusted by the e ective portion of a
cash  ow hedge.  e hedging reserve is released to pro t or loss
when the hedged item is settled.
 m
2010 2011
As at  January –78 –36
Additions –67 –4
Disposals in balance sheet (basis adjustment) 0 0
Disposals in income statement 109 1
Hedging reserve as at  December before tax –36 –39
Deferred taxes 3 5
Hedging reserve as at  December after tax –33 –34
 e change in the hedging reserve is mainly the result of
the recognition of previously unrealised gains and losses from
hedging future operating currency transactions. In the  nancial
year, unrealised losses totalling   million and unrealised gains
totalling   million from the hedging reserve were recognised in
operating pro t under other operating expenses (previous year:
unrealised losses of   million were recognised in other operat-
ing expenses).  ere were no disposals in net  nancial income / net
 nance costs in the  nancial year (previous year:   million). Fur-
thermore, there were no adjusting entries for hedging trans actions
related to the acquisition of non-current non- nancial assets (pre-
vious year:   million). Deferred taxes have been recognised in
respect of the hedging reserve.
. Revaluation reserve in accordance with  
 m
2010 2011
As at  January 7 6
Changes recognised in other comprehensive income –1 –1
Revaluation reserve in accordance with  
as at  December 6 5
 e revaluation reserve in accordance with   includes
the hidden reserves of  Logistics Co. Ltd., China (formerly
Exel-Sinotrans Freight Forwarding Co. Ltd.) from purchase price
allocation.  ese are attributable to the customer relationships
contained in the   interest previously held and to adjustments
to deferred taxes.
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