DHL 2011 Annual Report Download - page 213
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Trade receivables changed as follows:
m
2010 2011
Gross receivables
As at January 5,135 6,242
Changes 1,107 413
As at December 6,242 6,655
Valuation allowances
As at January –254 –231
Changes 23 2
As at December –231 –229
Carrying amount as at December 6,011 6,426
All other nancial instruments are neither past due nor
impaired. e heterogeneous structure of the counterparties pre-
vents risk concentration. Other assets are expected to be collectible
at any time.
. Collateral
€ 189 million (previous year: € 301 million) of collateral is rec-
ognised in non-current nancial assets as at the balance sheet date.
is relates primarily to liabilities in conjunction with the settle-
ment of Deutsche Post AG’s residential building loans.
Collateral of € 170 million is recognised in current nancial
assets (previous year: € 39 million). e majority of this concerns
collateral relating to the sale of the Deutsche Postbank AG shares
still held by Deutsche Post. Deutsche Post AG is required to deposit
payments from hedging transactions already settled as part of the
sale of Deutsche Bank shares as collateral with Deutsche Bank AG.
e collateral deposited is released when the mandatory exchange-
able bond is exercised in February 2012. Other short-term collat-
eral relates to the QTE leases.
In addition, Deutsche Post AG pledged 86,417,432 shares of
Deutsche Postbank AG to Deutsche Bank AG. e collateral for
60 million shares will be released when the mandatory exchange-
able bond is exercised in February 2012; it will be released for the
remaining 26,417,432 shares when one of the options is exercised
(see market risk).
Deutsche Post DHL Annual Report
Consolidated Financial Statements
Notes
Other disclosures
207