DHL 2011 Annual Report Download - page 47

We apply a standard  of .  across the divisions and this also represents a
minimum target for projects and investments within the Group.  e weighted average
cost of capital is generally adjusted to adhere to the current situation on the  nancial
markets. However, the goal is not to match every short-term change but to re ect long-
term trends.  is reviewed once annually. As in previous years, we did not change
the  in order that our internal resource allocation should not be in uenced by
short-term  uctuations in capital market interest rates. A constant  also ensures
that  is comparable with previous years.
 improved substantially in , rising from   million to  , million.  e
increase resulted primarily from the improvement in pro tability of our  divisions,
whereas the cost of capital went up moderately by . .
.  after asset charge 
m 2010
adjusted 1
2011 +  – 
 1,835 2,436 32.8
Asset charge –1,165 –1,207 –3.6
 670 1,229 83.4
1 Prior-year fi gures adjusted due to a revision of the calculation base.
Our net asset base increased by   million to  , million in the reporting
year due, amongst other reasons, to the Group’s increasing investment activity. Advance
payments for cargo aircra as well as investments in new sorting systems and our
vehicle  eet increased property, plant and equipment year-on-year by . . In addition,
the utilisation of restructuring provisions increased our net asset base.  e restructuring
provisions had reduced our net asset base as operating liabilities in the prior year.  e
rise in intangible assets is attributable to currency e ects, which raised goodwill, and to
the acquisition of Tag Group.
Net working capital was on a par with the prior year despite the fact that revenues
and freight volumes in the  divisions increased in the reporting year: the rise in
trade receivables of .  was more than o set by an increase in trade payables of . .
. Net asset base (unconsolidated)
m 31 Dec. 2010
adjusted1
31 Dec. 2011 +  – 
Intangible assets including goodwill 11,852 12,200 2.9
Property, plant and equipment 6,125 6,488 5.9
Trade receivables 6,011 6,426 6.9
Other operating assets 3,146 3,264 3.8
Operating provisions –3,620 –3,396 6.2
Trade payables – 5,672 – 6,135 – 8.2
Other operating liabilities – 4,466 – 4,491 – 0.6
Net asset base 13,376 14,356 7.3
1 Prior-year fi gures adjusted due to a revision of the calculation base.
Deutsche Post DHL Annual Report 
Group Management Report
Business and Environment
Group management
41